Medigene

DE: MDG1

€140m market cap

€5.7 last close

Medigene is a German biotech company focusing on cancer immunotherapy. A T cell receptor (TCR) candidate has recently entered the clinic and a dendritic cell (DC) vaccine Phase I/II clinical study is ongoing in Phase II.

Investment summary

Medigene is focused on the rapid development of its cancer immunotherapy technology platforms: dendritic cell (DC) cancer vaccines, adoptive T-cell therapy (TCR) and T-cell specific antibodies (TABs). For TCRs, Medigene has initiated its first company-led trial with MDG1011 in patients with PRAME expressing AML, MDS or MM. The partnership with bluebird bio, utilising its TCR technology platform, was expanded in 2018 to include six preclinical candidates.The company has announced a collaboration agreement with Roivant/Cytovant for three TCR projects and a DC vaccine, for Greater China, South Korea, and Japan. Medigene is well-funded to execute its clinical programme. As of 30 June, net cash was €65.3m.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2017A 8.9 (14.6) (15.1) (71.93) N/A N/A
2018A 7.8 (16.3) (16.5) (69.82) N/A N/A
2019E 10.7 (27.6) (25.9) (105.46) N/A N/A
2020E 9.7 (26.4) (24.7) (100.88) N/A N/A
Industry outlook

Cancer immunotherapy is attracting huge biotech investor interest. Medigene’s DC vaccine technology is a new generation, with multiple potential efficacy and manufacturing benefits over the forerunners, eg Provenge. The TCR programme has similarities to CAR-T products, but with potentially significant efficacy and safety advantages.

Last updated on 12/11/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (€m) 42.1
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (4.6) (11.4) (46.9)
Relative* (10.1) (22.1) (54.7)
52-week high/low €10.6/€5.5
*% relative to local index
Key management
Prof. Horst Domdey Chairman
Prof. Dr. Dolores Schendel CEO

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