mdg-annual-report-2013

MEDIGENE AG ANNUAL REPORT 2013 GROUP MANAGEMENT’S DISCUSSION AND ANALYSIS 59OBJECTIVES ACHIEVED IN 2013OBJECTIVES STATUS AT THE END OF 2013Marketed productsVeregen ® Market launch in additional countries achievedMarket approval in additional countriesachievedConclusion of additional marketing partnershipsachievedDrug candidatesEndoTAG ® -1 Conclusion of one or more development and marketing partnerships achievedRhuDex ® Preparation of phase II trial achievedAAVLP technology Further validation through preclinical trials achievedFORECASTOBJECTIVESSCHEDULED DATEMarketed productsVeregen ® Market launch in additional countries 2014Conclusion of additional marketing partnerships 2014Drug candidatesEndoTAG ® -1 Preparation of phase III trial 2014Start of phase III trial End of 2014RhuDex ® Conclusion of a development and marketing partnerships achievedAAVLP technology Further validation through preclinical trials 2014DC vaccines IITs in prostate cancer (phase II) and AML (phase I/II) 2014Start of a further clinical trial 2014TCR Further development of a GMP-compliant manufacturing process 2014Further preparatory talks with authorities for preparation of clinical development 2014TABs Continuation of preclinical development 2014Financial forecast for 2014Medigene expects a double-digit percentage increase in total revenue in 2014 (2013: €7.6m). Revenue from Veregen ®is likely to amount to €5 - 6 m (2013: €4.2m). In addition, Medigene expects to generate other revenue consistingmainly of reimbursements of development costs for EndoTAG ® -1 by SynCore and of non-cash payments from Cowen.The EBITDA loss in 2014 is likely to be reduced to €4 - 6 m (2013: €8.3 m).Based on the current business planning and resulting scenarios, Management expects that Medigene will be financedat least until the second quarter of 2015. Financing beyond this period will require further external financial resourcesand the Executive Board assumes that these funds will be obtained. Possible sources may be additional partnershipswith pharmaceutical companies or capital measures.Future sourcingMedigene will continue to source the drug Veregen ® through contract manufacturers in Japan and Germany in 2014.DividendsIn view of the current earnings situation, Medigene will not distribute a dividend. In the medium-term, Medigene willinvest available funds for the development of drugs. Dividend payouts are therefore not likely for the time being.