22 Sep 2015

The path is clear

The recent €46m capital increase allows completion of the Phase I/II DC vaccine trial in AML by 2018 and initiation of a broad immunotherapy clinical programme in TCR (adoptive T cell therapy). Stable revenues from Veregen underpin a strong cash position. Q215 results were broadly as expected. Adjusting for the capital increase and removing EndoTAG-1 from our DCF model, we value Medigene at €208m or €10.60 per share. This excludes any upside potential from SynCore or the Immunocore equity stake.

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The path is clear

MediGene AG (MDG1:FRA) | 0 0 0.0%

Published: 22 Sep 2015
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The recent €46m capital increase allows completion of the Phase I/II DC vaccine trial in AML by 2018 and initiation of a broad immunotherapy clinical programme in TCR (adoptive T cell therapy). Stable revenues from Veregen underpin a strong cash position. Q215 results were broadly as expected. Adjusting for the capital increase and removing EndoTAG-1 from our DCF model, we value Medigene at €208m or €10.60 per share. This excludes any upside potential from SynCore or the Immunocore equity stake.