Mologen

DE: MGN

€26m market cap

€3.26 last close

Mologen is a German biotech company developing cancer immunotherapies. The lead product is lefitolimod (MGN1703) for metastatic colorectal cancer maintenance, SCLC and HIV. Development of MGN1601, a therapeutic renal cell vaccine, would be reinitiated on successful out-licensing of lefitolimod.

Investment summary

Mologen is developing novel immunotherapies for use in the post-chemo maintenance setting (in cancer) and for the treatment of infectious diseases. A pivotal 540-pt Phase III study (IMPALA) for its lead asset lefitolimod in metastatic colorectal cancer maintenance will read out in H219. Mologen has terminated negotiations with Oncologie for the global assignment of lefitolimod and will now look to out-license lefitolimod after the IMPALA trial to achieve the best possible terms. In April Mologen completed a capital increase, raising gross proceeds of €4.2m, providing funding until end-2019 past the IMPALA readout. The deputy chairman of the Supervisory Board, Dr Stefan M Manth, has succeeded the outgoing CEO (Dr Faus) in addition to assuming the outgoing CFO’s (Walter Miller) functions from 1 May 2019. Both Dr Faus and Mr Miller left the company 31 March 2019.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2016A 0.1 (20.6) (20.8) (4.22) N/A N/A
2017A 0.0 (18.7) (19.3) (2.81) N/A N/A
2018E 3.0 (13.6) (14.2) (1.53) N/A N/A
2019E 0.0 (16.3) (17.0) (1.84) N/A N/A
Last updated on 21/09/2018
Industry outlook

Immunotherapies are among the most promising class of products for cancer. Mologen’s lead asset lefitolimod is an immunotherapy in development for both cancer maintenance and combination therapies.

Last updated on 21/09/2018
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (€m) 0.1
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (29.7) (42.9) (75.1)
Relative* (26.1) (36.3) (70.0)
52-week high/low €19.6/€4.3
*% relative to local index
Key management
Walter Miller CFO
Dr Matthias Baumann CMO