DGAP-Adhoc: MOLOGEN AG to retain rights to lefitolimod - termination of negotiations without agreement - EQS Group
16-Nov-2018 15:25:19
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DGAP-Ad-hoc: MOLOGEN AG / Key word(s): Agreement
MOLOGEN AG to retain rights to lefitolimod - termination of negotiations
without agreement
16-Nov-2018 / 15:25 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the
Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group
AG.
The issuer is solely responsible for the content of this announcement.
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Publication of insider information as per Article 17 of (EU) Regulation
No. 596/2014
MOLOGEN AG to retain rights to lefitolimod - termination of negotiations
without agreement
Berlin, November 16^th, 2018 - The biopharmaceutical company MOLOGEN AG
(ISIN DE000A2LQ900, WKN A2LQ90) decided to terminate the negotiations with
ONCOLOGIE Inc. on the conclusion of definitive transaction documentation
for the global assignment of all intellectual property and other rights in
MOLOGEN's lead compound lefitolimod to ONCOLOGIE on the basis of the term
sheet agreed with ONCOLOGIE as announced by MOLOGEN with ad-hoc
notification dated August 15^th, 2018.
The negotiations with ONCOLOGIE did not result in a mutually satisfying
conclusion within the set time frame and were therefore terminated on
November 16^th, 2018; during the exclusivity period ONCOLOGIE presented
new financial terms for the transaction that were vastly inferior to those
agreed in the non-binding term sheet signed by the two companies on August
15^th, 2018. MOLOGEN assessed these new terms as being unjustified and
therefore rejected them. In addition, the top-line data from the pivotal
phase III IMPALA study are now expected to be available earlier than
initially expected - this could be as early as summer 2019 - which has
contributed to a change of MOLOGEN's assessment regarding the conclusion
of the contract. Based on these facts MOLOGEN has decided not to prolong
the exclusivity period for the negotiations with ONCOLOGIE and to assess
all potential strategic options moving forward. These include the
re-opening of discussions with other interested parties as well as
continuing the development of lefitolimod on its own. Upon availability of
top-line data from the ongoing Phase III clinical trial IMPALA the Company
will launch a campaign to partner or sell lefitolimod
Accordingly, MOLOGEN will not receive short-term payments and further
considerations as outlined in the term sheet, signed and announced through
ad-hoc notification on August 15^th, 2018. Based on the current cash
position, cash reach will be presumably until mid-2019. Beyond this point
in time the Company can use the available authorized and conditional
capital for further financing.
Irrespective of the fact that discussions with ONCOLOGIE on the assignment
of global rights for lefitolimod have not been successfully concluded,
MOLOGEN and ONCOLOGIE will continue to work together within the scope of
the existing license and co-development agreement for the lead compound
lefitolimod which was announced by MOLOGEN with ad-hoc notification on
February 13^th, 2018. This agreement covers the development, manufacturing
and commercialization of lefitolimod in the markets of China including
Hong Kong, Macao, Taiwan and Singapore as well as a potential global
development cooperation.
• End of the ad hoc notification -
Contact
Claudia Nickolaus
Head of Investor Relations & Corporate Communications
Tel: +49 - 30 - 84 17 88 - 38
Fax: +49 - 30 - 84 17 88 - 50
1 investor@mologen.com
Disclaimer
Certain statements in this communication contain formulations or terms
referring to the future or future developments, as well as negations of
such formulations or terms, or similar terminology. These are described as
forward-looking statements. In addition, all information in this
communication regarding planned or future results of business segments,
financial indicators, developments of the financial situation or other
financial or statistical data contains such forward-looking statements.
The company cautions prospective investors not to rely on such
forward-looking statements as certain prognoses of actual future events
and developments. The company is neither responsible nor liable for these
forward-looking looking statements. It is not responsible for updating
such information, which only represents the state of affairs on the day of
publication.
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16-Nov-2018 CET/CEST The DGAP Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: MOLOGEN AG
Fabeckstraße 30
14195 Berlin
Germany
Phone: 030 / 841788-0
Fax: 030 / 841788-50
E-mail: presse@mologen.com
Internet: www.mologen.com
ISIN: DE000A2LQ900
WKN: A2LQ90
Regulated Market in Frankfurt (Prime Standard); Regulated
Listed: Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
Stuttgart, Tradegate Exchange
End of Announcement DGAP News Service
747217 16-Nov-2018 CET/CEST
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References
Visible links
1. mailto:investor@mologen.com
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