Update: Right time for a rights issue
With two late stage clinical studies ongoing with its cancer immunotherapy MGN1703, Mologen is seeking an injection of cash to ensure recruitment is completed and data from one of the trials are delivered in 2016. Phase II data from the 100-patient study in small-cell lung cancer next year could have a major bearing on partnering and financing options for completing the Phase III trial with MGN1703 in colorectal cancer, scheduled for 2017/18. With up to 5.7m shares on offer, priced at €5.00, we estimate net proceeds of €27m, sufficient into 2017, which takes in these key catalysts.Mologen is a biotechnology company researching and developing deoxyribonucleic acid (DNA)-based drugs for diseases that require a high degree of medical treatment. Co.'s activities concentrate on creating new and improving existing immunological drugs and therapies to combat cancer and developing vaccines for the prevention and treatment of serious infectious diseases in humans, as well as animals. Two core areas of Co.'s operations are the treatment of cancer and infectious diseases. Co. developed and patented two technologies that allow for the use of DNA as a therapeutic treatment against diseases that were previously incurable or treatable to an unsatisfactory degree.
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