Medigene amends 2023 financial guidance
News provided byMedigene AG
Nov 21, 2023, 12:00 PM ET
Planegg/Martinsried, November 21, 2023 The Executive Management Board of Medigene AG (Medigene or the “Company”, FSE: MDG1, Prime Standard), an immuno-oncology platform company focusing on the discovery and development of T cell immunotherapies for solid tumors, today adjusted financial guidance for fiscal year 2023.
The Company maintains its guidance on expected revenues to be between EUR 5 and 7 million in 2023 (unchanged).
The Company continuously optimizes its resource allocation based on business demands. Due to the challenging capital markets environment, the Company focuses on careful cost management and resource allocation. Based on the strategic prioritization of its portfolio together with an optimization of its resource allocation, the Company expects to extend its cash runway into the first quarter of 2025 (previously fourth quarter of 2024).
The Company expects R&D costs ranging from EUR 11 to 14 million from previously EUR 13 to 16 million in 2023.
These estimates do not include potential future milestone payments from existing or future partnerships or transactions, as the occurrence of such events or their timing and size depends to a large extent on external parties and therefore cannot be reliably predicted by Medigene.
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Medigene AG (FSE: MDG1) is an immuno-oncology platform company dedicated to developing T cell therapies to effectively eliminate cancer. Its End-to-End Platform, built on multiple proprietary and exclusive TCR generation and optimization, as well as product enhancement technologies, allows Medigene to create best-in-class, differentiated T cell receptor engineered T cell (TCR-T) therapies for multiple solid tumor indications that are optimized for safety, efficacy and durability. For more information, please visit https://medigene.com
This press release contains forward-looking statements representing the opinion of Medigene as of the date of this release. The actual results achieved by Medigene may differ significantly from the forward-looking statements made herein. Medigene is not bound to update any of these forward-looking statements. Medigene® is a registered trademark of Medigene AG. This trademark may be owned or licensed in select locations only.
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