MOLOGEN AG Sells Spanish Subsidiary
BERLIN, June 1, 2007 - The Berlin-based biotech company MOLOGEN AG has sold its Spanish subsidiary Vivotecnia Research S. L. The purchase was financed by Spanish investors who are to drive forward the further expansion of Vivotecnia. MOLOGEN received sales proceeds of around EUR 1.1 million for its interest of approximately 90%. The transfer of shares was effective force on 30 May 2007.
Along with streamlining the corporate structure, the disposal
generates additional financial and personnel capacities. These
resources can now be used in the clinical development of the
product candidates in the colon cancer and renal cell carcinoma
indications as well as to increase the commercial applications of
cell-based gene therapy.
Vivotecnia Research S. L. was established in 2000 by MOLOGEN and
specializes in mandated pharmaceutical research in the fields of
toxicology, pharmacology, biomedicine and preclinical animal
studies. Vivotecnia currently has around 20 employees.
"We are glad that Vivotecnia's potential as a specialized provider
in mandated research can be leveraged further with the help of the
commitment made by the new owners", said Prof. Burghardt Wittig,
CEO of MOLOGEN. "At the same time, we can focus more on the most
important strategic objective: successful clinical development of
our promising cancer treatments."
CFO Joerg Petrass added that "the sales proceeds of over EUR 1
million enable us to strengthen further our sound capital
resources. We are also adapting our organization structure to
future requirements and freeing up financial resources for
investments in our key potentials in the cancer field."
About MOLOGEN
MOLOGEN AG is a listed biopharmaceutical company with headquarters
in Berlin (Frankfurt Stock Exchange, Regulated Market, ISIN
DE0006637200). On the basis of patented technologies (MIDGE and
dSLIM), MOLOGEN develops DNA-based vaccines and therapeutic agents
for the prevention and treatment of a wide range of serious
illnesses.
Disclaimer concerning prognoses
Certain statements in this communication contain formulations or
terms referring to the future or future developments, as well as
negations of such formulations or terms, or similar terminology.
These are described as forward-looking statements. In addition, all
information in this communication regarding planned or future
results of business segments, financial classification numbers,
developments of the financial situation, or other financial or
statistical data contains such forward-looking statements. The
company cautions prospective investors not to rely on such
forward-looking statements as certain prognoses of actual future
events and developments. The company is neither responsible nor
liable for these forward-looking statements. It is not responsible
for updating such information, which only represents the state of
affairs on the day of publication.
MOLOGEN AG
Fabeckstr. 30, 14195 Berlin, Germany
Contact: Joerg Petrass
Email: investor@mologen.com
Phone: +49-30-84 17 88-13
Fax: +49-30-84 17 88-50
Posted: June 2007
