MARTINSRIED (dpa-AFX) - Medigene AG (MDGEF.PK), a clinical stage immuno-oncology company, reported Thursday that its net loss for the first quarter narrowed to 1.39 million euros from loss of 3.67 million euros last year. Loss per share was 0.07 euro, narrower than 0.26 euro loss per share a year ago.
EBITDA loss was 939 thousand euros, compared to 2.04 million euros loss a year ago.
R&D expenses for immunotherapies climbed 64% to 1.91 million euros.
Total revenue surged 132% to 3.91 million euros from 1.69 million euros a year ago on account of extraordinary effects related to the sale of EndoTAG agreed in December 2015..
Further, Medigene confirmed its financial guidance for 2016, expecting EBITDA loss to be 10 million euros to 12 million euros, compared to last year's 9.5 million euros.
In 2016, Medigene is planning to expand its clinical development programs, which will significantly increase R&D expenses in the field of immunotherapies.
Copyright RTT News/dpa-AFX