MorphoSys AG — Capital/Financing Update 2002

Apr 22, 2002

News Details

Ad-hoc | 22 April 2002 07:28

MorphoSys AG english

MorphoSys Outlines New Product Development Strategy Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– MorphoSys (Neuer Markt: MOR), the Munich-based biotechnology company, will today hold a Research and Development Day at its headquarters in Munich, where details behind a new product development strategy will be outlined. The strategy change, which had been signaled previously, describes the steps the Company will take to expand its current activities to include development of proprietary therapeutic antibody products. By partnering therapeutic antibody development at different time points, MorphoSys generates significantly higher value for itself while minimizing its risk profile. As a part of its new strategy the Company will develop novel fully human therapeutic antibodies against druggable targets, and partner these compounds at the end of phase II clinical trials. In the near to medium term MorphoSys intends to focus on the areas of inflammation, cancer and infectious diseases, and aims generate one candidate completing phase II clinical trials per annum in order to create a constant flow of candidates for partnering. MorphoSys will present details of its first proprietary therapeutic antibody candidates, MOR101 and MOR102. Both antibodies were developed with the Company’s HuCAL technology and target ICAM-1 (intercellular adhesion molecule-1), also known as CD54. MOR101 will be developed for deep dermal burn. The drug is expected to enter clinical trials in 2003. MOR102 is an IgG antibody, and will target psoriasis, and is anticipated to enter clinical trials in 2004. The Company believes sustained profitability under the new strategy will be achieved by 2006, driven by partnering deals for two of its drug candidates. The Company’s financing strategy includes two equity-based deals over the next two years. Based on the current level of cash and planned cash inflows from partners, the Company expects to be able to sustain operations through Q4 2004 without raising further funds. end of ad-hoc-announcement (c)DGAP 22.04.2002 ——————————————————————————– WKN: 663200; ISIN: DE0006632003; Index: Nemax 50 Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 220728 Apr 02