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 following deal terms that were inferior to those originally agreed. Mologen will now look to out-license lefitolimod after the IMPALA trial to achieve the best possible terms. An agreement with the bond holders for its 2016/2024 and 2017/2025 bonds have been reached. The EGM originally scheduled for the 26 February 2019 has been postponed. We note, Mologen has announced the early departure of its CEO Dr Ignacio Faus with effect from 31st 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