Results 2014

In 2014, Medigene opened up new prospects for the company’s scientific and economic development by focusing on innovative immunotherapies. The acquisition of Trianta (now Medigene Immunotherapies) has boosted Medigene’s pipeline and extended the company’s expertise. Progress in the immunotherapeutic projects and the out-licencing of RhuDex® took the company further forward.


Acquisition of Trianta Immunotherapies GmbH (now “Medigene Immunotherapies GmbH”)

Focus on immunotherapies

Licencing partner Falk Pharma assures further development in hepatology and gastroenterology

Successful completion of capital increase to further fund development of immunotherapy programs

More highlights >


  • Trianta Immunotherapies GmbH acquired (now “Medigene Immunotherapies GmbH”)
  • Prof. Dolores J. Schendel appointed as Chief Scientific Officer
  • Capital measure raised €15.9 m


DC vaccines:

  • US patent granted to protect the process for manufacturing mature, polarised dendritic cells with a patent term until 2028
  • Initial clinical data presented at PIVAC-Conference, Rome, at SITC-Conference USA and at ASH-Conference, San Francisco by cooperation partners
  • Preclinical data presented at DC 2014 Conference, Tours,  at PIVAC-Conference, Rome, and publication in the scientific journal “Cancer Immunology, Immunotherapy”
  • m4 Award project completed to develop an optimised DC vaccine formulation for the treatment of prostate cancer
  • Clinical Trial Approval received for Phase I/II Study with  DC vaccine for the treatment of AML

T-cell receptor (TCR) modified T-cells:

  • Patent granted in USA and Australia for a T-cell receptor which targets the tumour-associated antigen tyrosinase
  • Research funding extended by the German Research Foundation (DFG) for the Collaborative Research Centre for Adoptive T-cell Therapy
  • Preclinical data presented at SITC-Conference, USA


  • German Ministry of Education and Research (BMBF) grant received as part of the m4 Leading Edge Cluster Initiative
  • Preclinical development continues with the aim of delivering proof of principle
  • New research collaborations with Max Delbrück Centre for Molecular Medicine and Helmholtz Zentrum München entered
  • Public funding by German Federal Ministry of Education and Research within “m4 Cluster Initiative” increased


  • Preclinical study in cooperation with Pennsylvania State University for long-term protection against various HPV viruses successfully completed and final results evaluated

Marketed/Partnered drug candidates


  • Market launch in Sweden, the Czech Republic, Slovakia, Hungary, Poland, Belgium, Denmark, Finland and Canada
  • Partnership agreement for the marketing of Veregen® in the UK and the Republic of Ireland
  • Filing of marketing authorization applications in eight further European countries and Russia
  • US partner enters promotion agreement to expand Veregen® product sales within the obstetrics, gynaecology and urology medical specialties


  • Preparation of pivotal Phase III trial for TNBC by SynCore Biotechnology


  • Licensing agreement for RhuDex® in hepatology and gastroenterology
  • Falk Pharma takes over responsibility for the further development with initial focus on PBC



Medigene’s strategic realignment in 2014 was accompanied by a positive financial performance. Medigene increased total revenues significantly and reduced the EBITDA loss and net loss substantially. Moreover, the company’s financial position was strenghened by a capital measure.


Total revenue increased by 82% to €13.8 m (2013: €7.6 m)

Total revenue from sales of Veregen® increased by 23% to €5.2 m (2013: €4.2 m)

EBITDA loss reduced by 75% to €-2.1 m (2013: €-8.3 m)

Net result for the year improved by 44% to €-5.8 m (2013: €-10.3 m)

IN € K20142013 CHANGE
Veregen® revenue 5,195 4,20923 %
      thereof royalties 2,352 2,585-9 %
      thereof revenue from product sales 2,118 1,32660  %
      thereof milestone payments 725298143 %
Other operating income 8,589 3,383154 %
Total revenue 13,784 7,59282 %
Cost of sales -2,086 -1,73520 %
Gross profit 11,698 5,857100 %
Selling, general and administrative expenses -7,081 -8,273-14 %
Research and development expenses -7,498 -6,60514 %
Operating result -2,881 -9,021-68%
Earnings before tax -5,912 -10,264-42 %
Net profit/loss for the year -5,757 -10,282-44 %
EBITDA -2,071 -8,270-75 %
Earnings per share (basic/diluted) (€) -0.47 -1.07-56 %
Personnel expenses -6,622 -5,49321 %
Net cash used in operating activities -8,756 -12,246-30 %
Net cash used in investing activities -935-142>200 %
Net cash from financing activities 14,502 2,378>200 %
Cash and cash equivalents 14,976 10,16647 %
Total assets 71,283 52,65535 %
Current liabilities 7,755 5,09252 %
Non-current liabilities 14,457 11,28728 %
Shareholders' equity 49,071 36,27635 %
Equity ratio (%) 69690 %
Employees as of 31 December 725141 %
FTEs as of 31 December 654828 %
Total number of shares outstanding as at 31 December 13,927,428 9,872,13941 %
Share price (XETRA closing price) as at 31 December (€) 3.72 3.506 %
Dividend (€) 00

Download the financial report 2014 >