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2015-03-25

Medigene publishes final financials 2014: Significant improvement in revenue, EBITDA and net result

Medigene AG / Medigene publishes final financials 2014: Significant
improvement in revenue,EBITDA and net result . Processed and transmitted by
NASDAQ OMX Corporate Solutions.The issuer is solely responsible for the
content of this announcement.
Press release

Press and analysts conference call with webcast today, 25 March 2015, 3 p.m.
(CET)

* Preliminary results confirmed:

* * Total revenue increased by 82% * EBITDA loss reduced by 75% * Net result
improved by 44%
* Substantial investments planned in immunotherapies

Martinsried/Munich, 25 March 2015.
Medigene AG(MDG1, Frankfurt, Prime Standard) today published its final
financial results for the fiscal year 2014, confirming the preliminary
results announced earlier this month. The company significantly improved its
revenue, EBITDA and net result during the period ending 31 December 2014.

Medigene's total revenue rose by 82% to EUR 13.8 m (2013: EUR 7.6 m). Revenue
from the marketed drug Veregen®increased by 23% to EUR 5.2 m (2013: EUR 4.2
m). The company reduced its EBITDA loss by 75% to EUR 2.1 m (2013: EUR 8.3
m). The net loss was reduced by 44% to EUR 5.8 m (2013: EUR 10.3 m).

With these final results, Medigene surpassed its financial forecast announced
at the beginning of 2014 of an increase in total revenue by 20-30% compared
to 2013, Veregen®revenues of EUR 5-6 m and an EBITDA-loss of EUR 4-6 m.

Operational Highlights in 2014:

* Acquisition of Trianta Immunotherapies (now Medigene Immunotherapies)
* Focus on immunotherapies with significant progress in all clinical and
preclinical immunotherapy programmes; 2015 first company-sponsored clinical
trial with DC vaccine started
* Successful capital increase to fund further development of newly acquired
immunotherapy pipeline
* Outlicensing of RhuDex®to Falk Pharma for hepatology and gastroenterology

Dr. Frank Mathias, Chief Executive Officer of Medigene AG,
commented: "2014 was a great and transformative year for our organization. We
successfully repositioned Medigene as an immunotherapy company. The
acquisition of Trianta and the integration of a highly qualified team at
Medigene Immunotherapies have added lots of expertise, innovation and
inspiration. We will continue to fully focus on the development of our
immunotherapies and are excited about their potential to impact the way
cancer is treated for many patients. We are now looking forward to
accelerating the progress of our immunotherapy pipeline in the coming months.
The successfully conducted outlicensing of EndoTAG®-1 and Rhudex®strongly
supports this focus."

Prof. Dolores Schendel, Chief Scientific Officer of Medigene AG:
"We are very proud of the progress Medigene has made since the acquisition of
Trianta one year ago. The pharmaceutical development expertise and financial
resources provided by Medigene enable us to strongly advance our three
complementary immunotherapy platforms, including the recent start of our own
clinical trial with our new generation DC vaccine in AML. Furthermore, we are
making progress in GMP manufacturing and preparations for the start of a
clinical trial with the TCR therapy platform. We are focussed on bringing our
highly innovative approaches to patients as soon as possible."

Peter Llewellyn-Davies, Chief Financial Officer of Medigene AG
: "In 2014, we significantly improved all our key financial parameters and
strengthened our cash position through a successful capital measure, adding
new renowned international investors to our shareholder base. We enter 2015
prepared to continue to make significant investments in our pipeline to
enable the prompt development of our promising immunotherapy programmes. Our
financial guidance for 2015 provides evidence of our commitment to patients
and to investors to deliver on our business strategy, to spend prudently, and
to invest in the innovation and development of therapies that re-engage the
immune system to fight cancer."

------------------------------------------------------------------------
| consolidated income statement (abbreviated) |
| In € k 2014 2013 change |
| Revenue Veregen 5,195 4,209 23% |
|® |
| thereof royalties 2,352 2,585 -9% |
| thereof revenue from supply chain 2,118 1,326 60% |
| thereof milestone payments 725 298 143% |
| Other operating income 8,589 3,383 154% |
| Total revenue 13,784 7,592 82% |
| Cost of sales -2,086 -1,735 20% |
| Gross profit 11,698 5,857 100% |
| Selling, general and administrative expenses -7,081 -8,273 -14% |
| Research and development expenses -7,498 -6,605 14% |
| Operating result -2.881 -9,021 -68% |
| Net result for the year -5,757 -10,282 -44% |
| EBITDA -2,071 -8,270 -75 % |
------------------------------------------------------------------------
Financial forecast for 2015:

In 2015, the Company expects a double-digit percentage increase in
Veregen®royalties (2014: €2.4 m) based on the assumptions made by Medigene's
partners. In spite of reduced milestone payments, total revenue for
Veregen®is planned to remain stable (2014: €5.2 m) in 2015. Other operating
income will mainly consist of reimbursements of development costs for
EndoTAG®-1 by SynCore and of stable non-cash income from Cowen. Medigene
plans to significantly increase its R&D expenses for its proprietary
immunotherapy programmes in 2015. These expenses are planned to strongly
increase to €7 - 9 m (2014: €2.9 m). Due to this increased investment in
Medigene's innovation the anticipated EBITDA loss will increase to €11 - 13 m
in 2015 (2014: €2.1 m). Management expects that the company will be financed
into the second quarter of 2016, without considering any potential additional
licensing agreements or capital measures.

Outlook for Immunotherapies:

DC vaccines
The current investigator-initiated trials (IITs) being conducted at the
University Hospital in Oslo (phase II trial in prostate cancer) and at the
University Hospital in Munich (phase I/II trial in acute myeloid leukaemia,
AML) will be continued. Additionally, a compassionate use programme,
including patients with different types of tumour is currently ongoing at the
Oslo University Hospital in order to test Medigene's DC vaccine. Medigene's
own clinical trial recently started in AML should generate further clinical
feasibility and safety data for Medigene's personalised DC vaccines.

TCR-modified T cells
The development of a GMP-compliant manufacturing process for adoptive T cell
therapy using TCR-modified T cells will be continued. Medigene prepares the
clinical development of the first product candidates. In addition, novel TCRs
with specificities for promising tumour-associated antigens will be isolated
and further characterised.

TABs
Preclinical development of the T cell specific monoclonal antibodies (TABs)
continues with the aim of achieving proof of principle.

The detailed interactive annual report 2014
is available online athttp://annualreport2014.medigene.com

Press and analysts' conference call
: A press and analysts conference call (in English) will be held today at 3:00
p.m. CET / 10:00 a.m. EDT (USA) and will be webcast live. Please access the
synchronized presentation slides and a recording via Medigene's
website,www.medigene.com.

Medigene AG
is a publicly listed (Frankfurt: MDG1, prime standard) biotechnology company
headquartered in Martinsried near Munich, Germany. Medigene concentrates on
the development of personalized T cell immunotherapies with a focus on
haematological malignancies. Medigene is the first German biotech company to
have revenues from a marketed product, which is distributed by commercial
partner companies. Medigene has advanced drug candidates which are licensed
to partners and additional candidates in clinical development. The company is
developing highly innovative treatment platforms concentrating on cancer and
autoimmune diseases. For more information, please visitwww.medigene.com.

This press release contains forward-looking statements representing the
opinion of Medigene as of the date of this release. The actual results
achieved by Medigene may differ significantly from the forward-looking
statements made herein. Medigene is not bound to update any of these
forward-looking statements. Medigene®, Veregen®, EndoTAG®and RhuDex®are
registered trademarks of Medigene AG. Medigene ImmunotherapiesTMis a
registered trademark of Medigene Immunotherapies GmbH. Trianta
ImmunotherapiesTMis a registered trademark of Medigene Immunotherapies GmbH.
These trademarks may be owned or licensed in select locations only.

Contact Medigene

Julia Hofmann, Anja Clausnitzer
Tel.: +49 - 89 - 20 00 33 - 33 01

To unsubscribe from the press release distribution list, please go
to:www.medigene.de/unsubscribe

Release as PDF
http://hugin.info/132073/R/1905998/678443.pdf

---------------------------------------

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Medigene AG via Globenewswire

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