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Medigene Posts Wider Loss In Q1; Raises Revenue Forecast - Quick Facts

Medigene AG (MDGEF.PK) reported a wider net loss for the first-quarter year-on-year as research and development expenses increased by 28% due to expansion of clinical activities. The company further adjusted its fiscal 2019 revenue guidance following two business transactions announced in the second quarter of 2019.

First-quarter net loss widened by 36% to 5.7 million euros. EBITDA loss widened by 31% to 5.0 million euros due to progress in immunotherapy programs. Loss per share was 0.23 euros compared to a loss of 0.19 euros.

For the first-quarter, revenue from immunotherapies were stable at 1.4 million euros. Total revenue was at 2.1 million euros, flat with prior year.

For 2019, the company now expects to generate total revenues of between 10 million euros - 11 million euros, revised from previous guidance of 5.5 million euros - 6.5 million euros. The company continues to project a loss at EBITDA level of 23 million euros - 28 million euros. Also, Medigene confirmed its outlook for immunotherapies.

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