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A non-exclusive license under existing tumor-vaccine patents
Revenues forecast for 2005 will be achieved
Schedule for Polyphenon® E deal changed
Martinsried/Munich - San Diego, December 19, 2005. The German-American biotech company MediGene AG (Frankfurt, TecDax) has issued a non-exclusive license to Glaxo Group Limited under existing patents that had emerged from MediGene's program to develop a therapeutic tumor vaccine. In return MediGene receives a one-time payment from Glaxo Group Ltd.
The payment from Glaxo, combined with Eligard® sales, will ensure that Medigene will reach previous established guidance for 2005 of revenues of 20 million EUR. MediGene management is now postponing the finalization of the Polyphenon® E marketing partnership in order to review new proposals received after the recent FDA acceptance of the New Drug Application for Polyphenon® E-Ointment for the Treatment of Genital Warts.
"The agreement with Glaxo Group Limited underscores the quality and value of MediGene's technology. It also allows the Company the resources to thoroughly evaluate additional new business development options. New opportunities for a marketing partnership for our Polyphenon® E-Ointment have recently arisen. Achieving our revenue forecast for the year gives us the flexibility to postpone the closing of a deal until we have evaluated these new attractive options in order to exploit the full potential of our product," Dr. Peter Heinrich, Chief Executive Officer of MediGene AG, comments.
This press release contains forward-looking statements that involve risks and uncertainties. The forward-looking statements contained herein represent the judgment of MediGene as of the date of this release. These forward-looking statements are no guarantees for future performance, and the forward-looking events discussed in this press release may not occur. MediGene disclaims any intent or obligation to update any of these forward-looking statements. MediGeneTM is a trademark of MediGene AG Polyphenon® E is a trademark of Mitsui Norin, Eligard® is a trademark of QLT Ltd.
MediGene AG is a publicly quoted (Frankfurt: TecDax), German-American biotechnology company located in Martinsried/Munich, Germany and San Diego, USA. MediGene is the first German biotech company with a drug on the market. The NDA for a second drug has recently been submitted. In addition, MediGene has several oncological drug candidates undergoing clinical development, and possesses innovative platform technologies for drug development. MediGene's core competence lies in research into and development of novel approaches for the treatment of various cancer and tumor diseases.
Contact MediGene AG
Email: investor@medigene.com
Fax:++49 - 89 - 85 65- 2920
Dr. Georg Dönges, Public Relations, Tel.: ++49 - 89 - 85 65 - 3317
Dr. Michael Nettersheim, Investor Relations, Tel.: ++49 - 89 - 85 65 - 2946
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