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MOLOGEN - IMPALA readout ends monotherapy strategy

  • 06 Sep 2019

MOLOGEN - IMPALA readout ends monotherapy strategy


Mologen (MGN:ETR) | 0 0 (-3.0%) | Mkt Cap: 79.0m


  • Edison
    • Dr Daniel Wilkinson

    • 6 pages

Biotechnology image



 
Biotechnology image



MOLOGEN has announced that its pivotal Phase III IMPALA trial testing lefitolimod as a maintenance therapy in patients with metastatic colorectal cancer (mCRC) has missed its primary endpoint of overall survival (OS). As a result, we have removed from our valuation lefitolimod’s prospects as a monotherapy in mCRC and small cell lung cancer (SCLC) (previously 72% of our valuation). MOLOGEN will focus on the development of lefitolimod and EnanDIM in combination with other therapies. Recently announced restructuring measures should reduce monthly cash burn to €0.8m from the current rate of €1.4m. We note gross cash as of 30 June 2019 was €6.0m, which should enable funding into Q419. We value MOLOGEN at €50.4m (€4.1/share) vs €169m (€18.2/share) previously.


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MOLOGEN - IMPALA readout ends monotherapy strategy


Mologen (MGN:ETR) | 0 0 (-3.0%) | Mkt Cap: 79.0m


  • Published: 06 Sep 2019
  • Author: Dr Daniel Wilkinson
  • Pages: 6
  • Edison


MOLOGEN has announced that its pivotal Phase III IMPALA trial testing lefitolimod as a maintenance therapy in patients with metastatic colorectal cancer (mCRC) has missed its primary endpoint of overall survival (OS). As a result, we have removed from our valuation lefitolimod’s prospects as a monotherapy in mCRC and small cell lung cancer (SCLC) (previously 72% of our valuation). MOLOGEN will focus on the development of lefitolimod and EnanDIM in combination with other therapies. Recently announced restructuring measures should reduce monthly cash burn to €0.8m from the current rate of €1.4m. We note gross cash as of 30 June 2019 was €6.0m, which should enable funding into Q419. We value MOLOGEN at €50.4m (€4.1/share) vs €169m (€18.2/share) previously.



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