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.€236.8m
Last close€10.62
High / Low (52 weeks)€14.8 / €8.3
Stock market listingDE
Forecast net cash (€m)49.8
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(17.1)16.48.6
Relative *(17.5)8.5(11.3)

* % 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 AG to be included in TecDAX Index

Tue, 06 Dec 2016 10:18:45 GMT

Medigene announces outlicensing of AAVLP technology

Tue, 20 Dec 2016 06:22:30 GMT

Medigene Keeps Eyes On Immunotherapy Prize

Tue, 22 Dec 2015 18:35:23 GMT

bluebird bio and Medigene Establish Strategic T Cell Receptor (TCR) Alliance ...

Thu, 29 Sep 2016 06:11:15 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) (73.55) N/A N/A
2016A 9.7 (10.2) (11.3) (55.51) N/A N/A
2017E 9.0 (17.6) (18.6) (88.63) N/A N/A
2018E 9.3 (19.5) (20.2) (91.11) N/A N/A

Last updated on 16/10/2017

Investment summary

Medigene’s Q3 results are in line with our forecasts. The company has submitted its Phase I/II clinical trial application for its lead TCR cellular immunotherapy product candidate MDG1011 and anticipates initiation of the trial by year end. In addition to the upcoming trial initiation, Medigene has made numerous scientific and technological achievements in 2017, including presentations on its automated TCR identification platform and preclinical data on MDG1011. Partners have presented compassionate use data on DC vaccines in AML. We value Medigene at €316m (€14.3/share).

Last updated on 09/11/2017

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 02/11/2017

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