DGAP-Ad-hoc: MOLOGEN AG / Key word(s): Strategic Company Decision
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 -
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23-Aug-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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|EQS News ID:||862613|
|End of Announcement||DGAP News Service|
862613 23-Aug-2019 CET/CEST