BERLIN--(BUSINESS WIRE)--Shareholders have resolved the planned reverse stock split by a majority of 96.57% at the Annual General Meeting of MOLOGEN AG. The reverse stock split, which will be carried out at a ratio of 5:1, will serve to maintain MOLOGEN’s financing capability.
Walter Miller, CFO at MOLOGEN: “We are pleased that our shareholders have ratified the planned reverse stock split by such a large majority. The share price development over the past weeks and months has unfortunately not reflected the Company's quite positive development, with the result that we saw fit to implement this measure. After the reverse stock split has been carried out, the Company’s solvency will once more be secured, meaning that pre-agreed funding instruments can continue to be implemented.”
In total, voting rights corresponding to almost 40% of the share capital were represented at the Annual General Meeting. A large majority approved the actions of the members of the Executive Board and also of the Supervisory Board, with all other items on the agenda agreed as well. The resolutions approved included, among other things, the election of Dr. Michael Schultz as a new member of the Supervisory Board. He is an independent expert and consultant to the pharma and biotechnology industries. The choice of Baker Tilly GmbH & Co. KG as auditors for fiscal year 2018 was also agreed. Furthermore, the decision to create a new authorized capital 2018 and authorization to issue convertible bonds and/or option bonds and creation of the relevant conditional capital 2018 was also ratified.
Prior to the voting process, the Executive Board presented an overview of the Company’s current situation and most recent developments to the shareholders. The focus here was on the first licensing agreement for MOLOGEN’s lead product, the immunotherapeutic lefitolimod, in addition to the implementation of the Next Level corporate strategy and current status with regard to findings from studies conducted with lefitolimod.
MOLOGEN AG
MOLOGEN AG is a biopharmaceutical Company and a pioneer in the field of immunotherapy on account of its unique active agents and technologies. Alongside a focus on immuno-oncology, MOLOGEN develops immunotherapies for the treatment of infectious diseases.
The focus of the development work is on the product family of DNA-based TLR9 agonists. This includes the lead compound lefitolimod and the next-generation molecule family EnanDIM®.
The immunotherapeutic agent lefitolimod is the Company’s lead compound and is currently being investigated in a pivotal trial. It is regarded as the best-in-class TLR9 agonist. Treatment with lefitolimod triggers a broad and strong activation of the immune system. On account of this mode of action, lefitolimod could potentially be used in various indications. Lefitolimod is currently being developed within the framework of a pivotal study for first line maintenance therapy for colorectal cancer. Key data of the phase II IMPULSE study in small cell lung cancer have been announced in April 2017, and the final analysis in the first quarter 2018 confirmed the data. Furthermore, data from the extension phase of the TEACH study in HIV have also been published in 2017. In addition, lefitolimod is currently being investigated in a phase I combination study with the checkpoint inhibitor ipilimumab (Yervoy®) in various cancer indications. Along with various checkpoint inhibitors, lefitolimod, which is being investigated as part of a phase III clinical trial currently, is one of the few near-to-market product candidates in the field of immuno-oncology.
MOLOGEN’s pipeline focus is on new innovative immunotherapies to treat diseases for which there is a great medical demand in particular.
MOLOGEN AG is a publicly listed Company, headquartered in Berlin. The shares (ISIN DE0006637200, SIN 663720) are listed in the Prime Standard of the German Stock Exchange.
Note about risk for future predictions
Certain information in this report contains forward-looking statements or the corresponding statements with negation or versions deviating from this or comparable terminology. These are described as forward-looking statements. In addition, all of the information given here that refers to planned or future results of business areas, key financial figures, developments of the financial situation or other financial figures or statistical data, is to be understood as such forward-looking statements. The company points out to investors that they should not rely on these forward-looking statements as predictions about actual future events. The company is not obligated and refuses to accept any liability for the forward-looking statements and has no obligation to update such statements in order to accurately reflect the current situation.
