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Mologen (MGN)

Business description

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.

Right time for a rights issue

Update | Pharmaceutical & healthcare | 02/04/2015

With two late stage clinical studies ongoing with its cancer immunotherapy MGN1703, Mologen is seeking an injection of cash to ensure recruitment is completed and data from one of the trials are delivered in 2016. Phase II data from the 100-patient study in small-cell lung cancer next year could have a major bearing on partnering and financing options for completing the Phase III trial with MGN1703 in colorectal cancer, scheduled for 2017/18. With up to 5.7m shares on offer, priced at €5.00, we estimate net proceeds of €27m, sufficient into 2017, which takes in these key catalysts.

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Stock data

Market cap.€34.6m
Last close€0.919
High / Low (52 weeks)€3.9 / €0.9
Stock market listingDE
Forecast net debt (€m)8.2
Forecast gearing ratio (%)58
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(1.2)(52.5)(76.3)
Relative *3.5(54.3)(75.9)

* % Relative to local index

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