Medigene AG, a German company specializing in oncology platforms, announced a decline in revenue for the third quarter. The company acknowledged that its performance for both the third quarter and the first nine months of 2024 met the expectations set by the Executive Management Board.
In the third quarter, revenues reached 1.4 million euros, a decrease from 1.6 million euros during the same period last year, primarily due to its collaboration with BioNTech. Research and development expenses dropped to 2.7 million euros from 3.2 million euros a year prior, underscoring the company's ongoing dedication to enhancing its pipeline.
As of September 30, 2024, Medigene AG reported holding 9.5 million euros in cash and cash equivalents. CEO Selwyn Ho expressed satisfaction with the significant progress achieved in the first nine months of 2024 and conveyed confidence in their strategic plan execution.
Looking forward to the fiscal year 2024, the company has upheld its revenue guidance, projecting figures between 9.0 million euros and 11.0 million euros.
