Edison Investment Research - MediGene AG (MDG1) Update: The path is clear

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Edison Investment Research

Update: The path is clear

The recent â‚¬46m capital increase allows completion of the Phase I/II DC vaccine trial in AML by 2018 and initiation of a broad immunotherapy clinical programme in TCR (adoptive T cell therapy). Stable revenues from Veregen underpin a strong cash position. Q215 results were broadly as expected. Adjusting for the capital increase and removing EndoTAG-1 from our DCF model, we value Medigene at â‚¬208m or â‚¬10.60 per share. This excludes any upside potential from SynCore or the Immunocore equity stake.

22/09/2015 4 EN

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.

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DE000A1X3W00 Germany

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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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Update: The path is clear

Medigene Files Patent for Unique NK-Specific TCR Construct with European Patent Office

Medigene and EpimAb Biotherapeutics Enter into a Co-Development Partnership for TCR-Guided T Cell Engagers

Medigene AG Expands Patent Portfolio with Patent Grant for its JOVI Technology in the U.S.

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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