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Medigene (MDG1)

Business description

Medigene is a German biotech company with a core business in 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.

Stock data

Market cap.€303.7m
Last close€12.37
High / Low (52 weeks)€18.8 / €8.9
Stock market listingDE
Forecast net cash (€m)34.3
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(5.5)(9.2)13.8
Relative *(2.9)(9.9)14.7

* % Relative to local index

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Company news

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2016A 9.7 (12.4) (13.4) (66.20) N/A N/A
2017A 11.4 (12.1) (12.4) (60.42) N/A N/A
2018E 11.1 (21.2) (22.1) (99.19) N/A N/A
2019E 11.2 (21.6) (22.0) (98.71) N/A N/A

Last updated on 21/06/2018

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 (TAB). A Phase II study is ongoing with DC vaccines for acute myeloid leukaemia. For TCRs, Medigene has initiated its first company-led trial with MDG1011 in patients with PRAME expressing AML, MDS or MM. Its partnership with bluebird bio to utilise its TCR technology platform was recently expanded (US$8m one time payment,US$1m achieved milestone payment, US$250 milestones per target, tiered royalties) to now include six therapeutic candidates. Medigene is well-funded to execute its clinical programme, as of 31st March cash was €49.1m (does not include US$9m bluebird payments). Additionally, Medigene recently raised gross €32.3m in a private placement.

Last updated on 29/06/2018

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 29/06/2018

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
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