MARTINSRIED (dpa-AFX) - Medigene AG (MDGEF.PK), a clinical stage immuno-oncology company, reported Thursday that its first-quarter earnings before interest, taxes, depreciation and amortization or EBITDA was negative 5.95 million euros, wider than last year's loss of 4.99 million euros.
Total revenue in the first quarter decreased to 1.40 million euros from prior year's 2.10 million euros. The decline was due to the sales of Veregen included in the prior-year quarter, a product which was sold to Aresus Pharma GmbH in April 2019.
Revenues in the first quarter 2020 include payments by the strategic partner company bluebird bio, Inc.
Dolores Schendel, CEO/CSO at Medigene, said, 'Medigene's clinical and preclinical projects continued to progress well in the early part of 2020 and have not been disrupted by the COVID-19 pandemic... As there is generally increased uncertainty regarding clinical development programs in the biotechnology sector due to COVID-19, we continue to closely monitor any effects on our clinical activities.'
Patient recruitment in first clinical trial with MDG1011 in blood cancer patients with no further treatment options is proceeding according to plan. The company continues to expect to complete dosing of the first three dose cohorts this year.
Preparations for the second clinical T cell receptor (TCR) trial with MDG1021 are on track as well and the study could begin in the first half of 2020.
Going ahead, Medigene confirmed its financial forecast for 2020. The Company continues to expect total revenue of 7 million euros to 9 million euros, excluding potential future milestone payments from existing or future partnerships or transactions. The company also projects a loss at EBITDA level of 24 million euros to 32 million euros.
Currently, Medigene expects no material influence of the COVID-19 pandemic on total revenue, research and development expenses and loss at EBITDA level.
Based on current planning, the company is financed into the second half of 2021.
Copyright RTT News/dpa-AFX