MARTINSRIED (dpa-AFX) - Medigene AG (MDG1), an immuno-oncology company focusing on the development of T-cell-based cancer therapies, on Wednesday reported lower revenues in the third quarter of 2022 primarily due to suspension of activities within the partnership with Hongsheng Sciences. Due to financing constraints, Hongsheng Sciences has temporarily suspended its development activities within the Medigene partnership.
EBITDA was a loss of 3.763 million euros as compared to a loss of 1.754 million euros in the third quarter of 2021.
The company generated revenue of 1.424 million euros compared to 2.187 million euros in the third quarter of 2021.
R&D expenses increased to 3.258 million euros in the current quarter, which is higher by 0.766 million euros compared to the third quarter of 2021 amidst additional costs for the MDG1011 clinical trial.
The company has adjusted the financial forecast for 2022 due to the successful closing of the MDG1011 clinical trial as well as further savings and now expects revenues of 23-28 million euros, R&D expenses of 9 - 11 million euros and a positive EBITDA in the amount of 8 - 9 million euros in 2022. The management's guidance issued in August had indicated revenues of 23 million-28 million euros, R&D expenses of 11-15 million euros and EBITDA of 3 million-5 million euros in 2022.
Shares of Medigene closed Tuesday's trading at 2.25 euro.
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