Mologen raises cash to fund Phase III trial of colorectal cancer drug

German drug development company Mologen (MGN: Xetra) has raised 15.7 million euros ($21.6 million) in order to fund a planned pivotal Phase III clinical trial of MGN1703 in metastatic colorectal cancer.

The Berlin-based company set a placement price of 10.20 euros per new share. As part of a private placement procedure, the 1,541,244 shares (10% of the current share capital) are placed with qualified investors. The share capital will be increased by issuing 1,541,244 new no-par value bearer shares of currently 15,419,512 euros to 16,960,756 euros then.

Matthias Schroff, chief executive of Mologen, said: “The plans for the pivotal study have now been largely completed. Thus, our cancer immunotherapy MGN1703 still occurs this year in this final clinical phase to confirm the previous excellent results in a much larger patient population. We appreciate the confidence of investors.”