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Mologen (MGN) - Licensing and funding milestones in Q3

07:42 EST 10 Nov 2017 | Edison Investment Research

Edison Investment Research - Pharmaceutical & healthcare - Mologen: Mologen has announced two new sources of funding that will likely extend its cash reach into mid-2018. The signing of a share subscription facility with Global Corporate Finance (GCF) commits GCF to purchase up to 3.4m Mologen shares (c 10% of share capital). At the current share price, this approximates to €10m in funds which, in addition to the expected completion of the iPharma deal (worth up to €100m) by year end (€3m initial payment), will boost Mologen’s cash position. Furthermore, Mologen has a commitment to receive a $2.6m grant for further development of a leishmaniasis vaccine candidate, part of the MIDGE technology platform it is looking to divest. We value Mologen at €256m (€7.43/share).
ISIN: DE0006637200

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