Medigene (MDG1)

Business description

Medigene is a German biotech company with a core business in cancer immunotherapy. Dendritic cell (DC) vaccines are in Phase I/II clinical studies, while a T-cell receptor (TCR) candidate should enter the clinic in 2017.

Stock data

Market cap.€228.8m
Last close€11.36
High / Low (52 weeks)€14.8 / €6.2
Stock market listingDE
Forecast net cash (€m)30.1
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual1.6(15)31.5
Relative *(2)(19.3)8.8

* % Relative to local index

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Company news

Medigene AG: Addressing The CAR-T Market Pain Points

Wed, 18 Mar 2015 16:55:29 GMT

Medigene announces outlicensing of AAVLP technology

Tue, 20 Dec 2016 06:32:59 GMT

Medigene-Bluebird Pairing Thrusts TCRs Into The Spotlight

Fri, 30 Sep 2016 14:15:00 GMT

Medigene Keeps Eyes On Immunotherapy Prize

Tue, 22 Dec 2015 18:35:23 GMT

Checking The Gross Margin Score on MediGene AG (XTRA:MDG1)

Wed, 26 Apr 2017 12:33:45 GMT

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2015A 6.8 (9.4) (12.8) (74.0) N/A N/A
2016A 9.7 (10.2) (11.3) (56.0) N/A N/A
2017E 9.0 (17.6) (18.6) (93.0) N/A N/A
2018E 9.3 (19.5) (20.2) (100.0) N/A N/A

Last updated on 24/04/2017

Investment summary

Medigene is well funded (FY16 cash €52.6m) to advance both its DC vaccine programmes and TCR programme. We expect a number of important milestones in 2017; specifically, we expect newsflow from its most advanced technology (DC vaccines) in Phase I/II studies for AML (complete enrolment) and the start of its first company-initiated T-cell receptor (TCR) clinical study. We have increased our rNPV-based valuation to €293m (vs €233m), to reflect the increase in the TCR programme probability to 13% (vs 5%), rolling the model forward and using FY16 cash.

Last updated on 24/04/2017

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 04/04/2017

Key management

Prof. Horst Domdey, Chairman
Prof. Dr. Dolores Schendel, CEO
Thomas Taapken, CFO
Prof. Dr. Dolores Schendel, CEO

Company address

Lochhamer Str. 11
Martinsried
82152
Germany
+49-89-20 00 33 - 0
View website