MediGene says revenue up 50% in 2005, predicts another 50% increase in 2006

By Angela McDaniels

Seattle, March 22 - MediGene AG said total revenue increased by 50% to €19.7 million for 2005 from €13.1 million in 2004 and net loss fell by 5% to €12 million from €12.7 million during the same period a year ago.

In a news release, MediGene attributed the increase in revenue to increased sales revenue from the commercialization of its prostate cancer drug Eligard and a new license agreement reached with Glaxo Group Ltd. in 2005.

The company predicted that revenue will increase by another 50% in 2006 to €30 million, which will allow the company to break even on EBIT basis.

MediGene also predicted that in 2006 it will receive more than €50 million of further milestone payments from marketing partner Astellas Pharma Europe Ltd. and another milestone payment from marketing and development partner Bradley Pharmaceuticals Inc. upon approval of Polyphenon E Ointment for genital warts in the United States.

MediGene is a biotechnology company with locations in Martinsried, Germany, and San Diego.

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