BioCentury
ARTICLE | Company News

Mologen cancer, infectious news

July 11, 2016 7:00 AM UTC

Mologen will reduce headcount by 17 (26%) to 49 and focus on developing lead product lefitolimod ( MGN1703), a toll-like receptor 9 (TLR9) agonist based on double Stem Loop Immunomodulator (dSLIM) technology. The company will halt development of MGN1601 until it has found a commercialization partner for lefitolimod. Mologen also said it is seeking to sell or spin off its MIDGE technology -- a DNA-based, non-viral vector system -- and corresponding preclinical compounds. The company will discontinue and outsource production and most research. Mologen said the restructuring is not expected to have an impact on 2016 guidance. The company said in the long term it expects a slight increase in costs “due to the upscaling and outsourcing activities for market preparation of our production.” At March 31, Mologen had EUR20.1 million ($22.8 million) in cash and a three-month operation loss of EUR4.5 million ($5.1 million). The company recorded a 2015 operating loss of EUR20.5 million ($22.4 million). ...