Report
Dr Linda Pomeroy

Next step taken toward its first TCR clinical trial

Medigene has announced that it has submitted a clinical trial authorisation application (CTA) to begin its first clinical trial with its proprietary T-cell receptor (TCR) modified T cells. If approved, the trial will evaluate it as an immunotherapy to treat a range of blood cancer indications and will be one of the first in Germany of TCR-modified cells. The trial is expected to start by the end of 2017. This submission triggers a final milestone payment of €2m for the Trianta acquisition (January 2014). We maintain our valuation of €315m but note the company is well-funded to deliver important milestones from progressing its clinical programme.
Underlying
MediGene AG

Medigene is a biopharmaceutical company that focuses on the research and development of drugs to treat cancer and autoimmune diseases. Co.'s segments are: marketed products and drug candidates. Co.'s marketed products segment consists of the drug Veregen®, which is an ointment for the treatment of external genital warts. Co.'s drug candidates segment consists of: EndoTAG®-1, which is for the indication pancreatic cancer and triple-negative breast cancer; RhuDex®, which is a modifying agent for the oral treatment of autoimmune diseases; and adeno-associated virus-like particles, which provides potential as prophylactic and therapeutic vaccines, for example, against cancer and infections.

Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts
Dr Linda Pomeroy

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