Mologen planning rights issue

Mologen AG (Xetra:MGN) proposed to sell 3.2 million shares in a rights issue. If sold at the company's Tuesday close of EUR 10, the company would raise EUR 31.9 million ($40.5 million). Shareholders are eligible to purchase one share for every four held. Shares not sold in the rights offering will be offered to institutional investors in Germany and international investors outside of the U.S., Japan, Canada and Australia. The subscription agent is quirin bank

Last month, Mologen's MGN1703 met the primary endpoint of median progression-free survival vs. placebo in the Phase II IMPACT trial as maintenance therapy for metastatic colorectal cancer (mCRC) patients. MGN1703 is a toll-like receptor 9 (TLR9) agonist based on the company's double Stem Loop Immunomodulator (dSLIM) technology (see BioCentury Extra, May 14). ...