On January 31, 2023 The Executive Management Board of Medigene AG (Medigene, FSE: MDG1, Prime Standard), an early stage immuno-oncology platform company focusing on the discovery and development of T cell immunotherapies for solid tumors, reported financial guidance for fiscal year 2022 (Press release, MediGene, JAN 31, 2023, https://www.pressetext.com/news/20230131040 [SID1234626678]).

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The company expects revenues to be €30-32 million in 2022, an increase from previously guided €23-28 million, and mainly as a result of a USD3 million milestone payment received from 2seventy bio in January 2023.

Research and development costs will increase from €9-11 million to €12-14 million. This is due to a write-down of €4.9 million on the drug candidate RhuDex licensed to Dr. Falk Pharma GmbH, as a consequence of higher interest rates (WACC), associated with ongoing macroeconomic developments.

Earnings before interest, taxes, depreciation and amortization (EBITDA) is expected to increase from € 8-9 million to € 12-14 million and are due to the revenue increase associated with the 2seventy bio milestone payment received in January 2023. Further, the write-down on RhuDex is reflected in depreciation and amortization and, as such, does not impact on the EBITDA.

The company estimates that it is financed into the fourth quarter of 2024 based on current planning (unchanged).