Medigene NA O.N. (DE:MDG1k) recently announced a placing of €20.7m gross (issuing 1.96m new shares at €10.55) to intensify its R&D through the expansion of its planned T-cell receptor (TCR) modified T-cells clinical programme. This leaves it well funded (pro forma cash €67.7m) to advance both its DC vaccine programmes and TCR programme. We expect 2017 to be a year of important progress for Medigene, in particular the start of its first company-initiated TCR clinical study. We have increased our rNPV-based valuation to €315m (vs €293m), as we now include the cash from the fund-raising and have rolled the model forward.
Fund-raising provides option to expand TCR CIT
Medigene recently announced a €20.7m gross fund-raising through a placing of 1.96m shares at a price of €10.55 each. It was achieved via an accelerated book build and has strengthened the company’s institutional shareholder base. According to the company, the funds will provide the option to expand and/or accelerate its TCR clinical programme into additional indications and geographic regions, such as the US. For further details regarding the TCR trials planned and for an overview of preclinical data on its selected TCR trial candidate (HLA-A2:01-restricted TCR) targeting PRAME (tumour antigen) see our recent outlook note.
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