Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on MOLOGEN AG. We currently have 5 research reports from 1 professional analysts.
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Financed to inflection points
14 Nov 16
The recent completion of the €13.6m capital raise and the soon to be issued convertible bond of presumably €2.5m will enable Mologen, alongside its latest reported cash of €10.2m (at 30 September 2016), to reach key inflection points in the coming year. Analysis of its Phase II (IMPULSE) small cell lung cancer (SCLC) trial should begin by year end, with initial data expected to be presented in H117. Final data from the Phase I HIV study will be presented in mid-2017, while the ongoing Phase III trial (IMPALA) in metastatic colorectal cancer (mCRC) is expected to complete patient enrolment by Q117. We value Mologen at €261m or €7.67/share.
'Next Level' of development
21 Jul 16
Mologen’s strategic review has focused its efforts on the development and commercialisation of late and early clinical assets, notably lead candidate lefitolimod (oncology and HIV) and EnanDIM, a next-generation TLR9 agonist. Partnering opportunities for lefitolimod are being actively sought; we anticipate Phase III data in 2018. Manufacturing efforts will be out-sourced to achieve suitable scale. MGN1601 (renal cancer vaccine) is on hold. Mologen’s move to a more clinical development-focused company means preclinical R&D assets (MIDGE vector system) will be spun off or divested. We value Mologen at €201m or €8.87/share.
Lefitolimod trials on track
13 Apr 16
Mologen’s pipeline is focused around lead candidate lefitolimod (MGN1703). Patient enrolment for IMPALA, the pivotal Phase III study in metastatic colorectal cancer (mCRC), continues on track and we expect full enrolment by end 2016. Data due in H117 from the IMPULSE Phase II trial in lung cancer could trigger a licensing deal. FY15 net cash of €24.6m should ensure IMPALA patient recruitment by year-end 2016. We have lowered our valuation of Mologen to €337m, or €14.89 per share, on a more protracted market launch timeline across the product portfolio.
MGN1703 remains the focus
14 Dec 15
Mologen is developing novel immunotherapies for use in the post-chemo maintenance setting in cancer and for the treatment of infectious diseases. Lead candidate MGN1703 is in three clinical trials for different indications, including a pivotal Phase III study, IMPALA, in metastatic colorectal cancer (mCRC) with data due in H118. Meanwhile, initial data from the Phase II IMPULSE study in lung cancer in H117 could positively affect partnering or financing options. We value Mologen at €387m, or €17 per share.
MGN1703 leading the way
20 Aug 15
Mologen’s lead product, MGN1703, is currently in three clinical trials for different indications. The €28.3m (gross) proceeds from the rights issue in April 2015 mean Mologen should have sufficient funds to reach full recruitment of IMPALA (Phase III in colorectal cancer) and top-line data from IMPULSE (Phase II in small-cell lung cancer). The IMPULSE data (H216) could have a positive impact on partnering or financing options for MGN1703. We value Mologen at €384m.
19 Jan 17
Aggregated Micro Power* (AMPH): Funding for first peaking power plant project (CORP) | The Mission Marketing Group* (TMMG): Positive trading update (CORP) | Cello (CLL): Increasingly backed by, and leveraging, technology (BUY) | 4imprint (FOUR): Growth backed by strong cash flow continues (BUY) | Allergy Therapeutics (AGY): Positive trading update and market share gains drive upgrades (BUY) | Shanta Gold (SHG): Q4 operating results (BUY) | Sound Energy (SOU): Tendrara extended well test result (BUY) | Revolution Bars (RBG): Price target increase (BUY)
Interims results – reassuringly positive
24 Jan 17
Scientific Digital Imaging reported interim results to 31 October 2016, with adjusted EPS of 0.73p, an increase of 21%. Results included a first-time contribution from Sentek, acquired on 28 October 2015, which more than offset a c3% decline in the underlying business. Sentek accounts for c30% of group gross profits and continues to perform in line with expectations. New product development and recent product launches in Synoptics, combined with the contribution from Astles Control Systems (acquired January 2017) should drive improved profitability and free cash flow. We leave forecasts and target price unchanged at 20p.
N+1 Singer - Morning Song 19-01-2017
19 Jan 17
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N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
N+1 Singer - Midatech Pharma - FY trading update: revenue ahead of estimates
20 Jan 17
Midatech’s FY trading update indicates revenue for the period of c. £9.0m, ahead of our £8.0m estimate. The £16.7m (gross) capital raise announced in October allows Midatech to accelerate development of its key programmes. We continue to expect data from a gold nanoparticle (GNP) enabled Phase I diabetes vaccine trial in 2017, followed by the start of clinical trials in brain and liver cancer by early 2018. In addition, Q-Octreotide in our view represents a significant near-term licensing opportunity. We reiterate our Buy recommendation.
N+1 Singer - Sinclair Pharma - FY trading update: revenue ahead of estimates
17 Jan 17
Sinclair’s FY trading update indicates revenue for the period of £37.8m, ahead of our £35.4m estimate. Cash at period-end was slightly below our expectations at £16.8m vs. our £18.5m forecast. Sales of the five key products are in line or slightly ahead of estimates. Importantly, the early indications are positive for the US rollout of Silhouette Instalift™ with practitioner training ahead of schedule. Overall a positive trading update: we reiterate our Buy recommendation and 42p target price.