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MOLOGEN AG announces implementation of new strategic program including restructuring measures

MOLOGEN AG / Key word(s): Strategic Company Decision
MOLOGEN AG announces implementation of new strategic program including restructuring measures

23-Aug-2019 / 16:08 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Publication of an insider information pursuant to Section 17 of the regulation (EU) No. 596/2014

MOLOGEN AG announces implementation of new strategic program including restructuring measures

Berlin, 23 August 2019 - The Executive Board of MOLOGEN AG (ISIN DE000A2LQ900 / SIN A2LQ90) announces that, with the approval of the Supervisory Board, it has resolved the implementation of a new strategic program today. Cornerstone of this program is a focus on combination approaches for lefitolimod as well as for the next-generation technology EnanDIM(R) in the therapeutic areas of cancer and HIV. This will be accompanied by restructuring measures, which will lead to a substantial reduction in operational costs and bring down monthly burn rates to approximately EUR 0.8 million from roughly EUR 1.4 million at present. This step is being taken in view of the top-line results of the Phase III IMPALA study that were announced at the beginning of the month, and in this context, the previously announced corporate strategy review.

As a consequence of this strategic realignment, the Company will be seeking to reduce staff numbers to around one third of the headcount recently published with the Half-Year results. These redundancies will be initiated immediately and will affect all sectors of the Company.

The Company's future focus will be on developing a follow-up product candidate from the EnanDIM(R) family in the area of oncology. The plan is to bring this product candidate to the clinical development stage in 2020. Furthermore, lefitolimod is to be further developed in combination therapy approaches for cancer indications in conjunction with the strategic partner Oncologie Inc. as well as in the area of HIV via collaborations with academic partners.

The Executive Board will present the new strategic program to its shareholders during the Annual General Meeting scheduled for 29 August 2019. To cover the funding requirement, a proposal is expected to be tabled requesting the Annual General Meeting to create new authorized and conditional capital.

- End of ad-hoc notification -

Important note:
This announcement is not an offer of securities for sale in the United States, Australia, Canada, Japan or in any jurisdiction to whom or in which such offer or solicitation is unlawful. The securities referred to in this press release have not been, and will not be, registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offering of the securities in the United States of America. Subject to certain exceptions, the securities referred to herein may not be offered or sold in Australia, Canada or Japan or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada or Japan.

Claudia Nickolaus
Head of Investor Relations & Corporate Communications
Tel: +49 - 30 - 84 17 88 - 37
Fax: +49 - 30 - 84 17 88 - 50

Note about risk for future predictions
Certain information in this report contains forward-looking statements or the corresponding statements with negation or versions deviating from this or comparable terminology. These are described as forward-looking statements. In addition, all of the information given here that refers to planned or future results of business areas, key financial figures, developments of the financial situation or other financial figures or statistical data, is to be understood as such forward-looking statements. The company points out to investors that they should not rely on these forward-looking statements as predictions about actual future events. The company is not obligated and refuses to accept any liability for the forward-looking statements and has no obligation to update such statements in order to accurately reflect the current situation.

23-Aug-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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Language: English
Fabeckstra├če 30
14195 Berlin
Phone: 030 / 841788-0
Fax: 030 / 841788-50
ISIN: DE000A2LQ900
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 862613

End of Announcement DGAP News Service

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Last Updated: 23-Aug-2019