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Munich - Against the background of the COVID-19 pandemic, which is set to continue for the foreseeable future, the rules of conduct adopted by the Free State of Bavaria which are still in force, and the objective of avoiding health risks, the Management Board of Formycon AG (ISIN: DE000A1EWVY8/ WKN: A1EWVY) has, with the approval of the company's Supervisory Board on the basis of Article 2 of the law intended to mitigate the consequences of the COVID-19 pandemic in civil, insolvency and criminal proceedings of March 27, 2020, and for the benefit of the health of shareholders, decided to hold the Annual General Meeting (AGM) in a virtual format. The AGM will be broadcast in sound and vision over the Internet, via the company's AGM portal, for formally registered shareholders of Formycon AG and their proxies.

The notice convening the AGM was published today in the electronic Federal Gazette (Bundesanzeiger) in accordance with normal statutory deadlines. All further information regarding the company's virtual AGM can be found on the website at https://www.formycon.com/en/investor-relations/annual-general-meeting/.

Munich - Formycon AG (ISIN: DE000A1EWVY8/ WKN: A1EWVY) has received a grant from the Bavarian Research Foundation for the project "Characterization of ACE2-lgG constructs" amounting to Euro 290,000.

SARS-CoV-2 requires the binding of the virus spike protein to the membrane angiotensin converting enzyme 2 (ACE2) for entry into the human host cell. The aim of the project is to develop therapeutic fusion proteins that interrupt this bond. Through sequence model development, the fusion proteins will be characterized structurally and functionally in order to identify the characteristics that are important for a therapeutic application. Formycon's project partners are Prof. Dr. Ulrike Protzer, Chair of Virology, Technical University Munich and Prof. Dr. Johannes Buchner, Chair of Biotechnology, Technical University Munich.

"We are very pleased about the positive assessment of our project by the Bavarian Research Foundation, which took place in an overly competitive environment. The funding by the Bavarian Research Foundation and the very good cooperation with top researchers at the Technical University of Munich make us confident to achieve our goal to contribute significantly to the solution of the worldwide COVID-19 pandemic with a highly effective and safe drug", commented Dr. Carsten Brockmeyer, CEO of Formycon AG.

The total inflow of funds amounts to EUR 25,750,000.00 and corresponds to an issue price per share of EUR 25.75. The Active Ownership Group (AOC) is an independent, owner-managed investment company that acquires significant shares in medium-sized, listed companies in the DACH region and Scandinavia. As a committed co-owner, AOC is actively committed to increasing shareholder value by implementing operational, strategic and structural improvements. Together with the management, AOC defines value-creating strategies and measures for this purpose. AOC supports the implementation of these strategies and measures by serving on supervisory and advisory boards as well as by providing new growth capital. The company was founded in 2015 by Florian Schuhbauer and Klaus Roehrig. In its category, the Active Ownership Fund 2019 was awarded by the analysis house Preqin as the best fund with a European focus in the period 2017-2019.

The funds raised from the capital increase will be used primarily for the expansion and further development of the Company's own product pipeline. Strategically, the development of biosimilars remains the company's focus. The additional liquidity provides Formycon with the opportunity to develop the projects into late stages of development and thus tap significant value creation potential. With FYB206, the company has a promising preclinical biosimilar project in which important milestones have already been reached and value-generating intellectual property (IP) has been built up. In addition, Formycon is pursuing a promising approach in the development of novel antibody-based COVID-19 medicines. The transfer of this project into clinical trials is planned for next year.

Klaus Roehrig, founding partner of AOC, comments on the entry as follows: "We see significant potential in Formycon and have great confidence in the management team. By subscribing to the capital increase and the associated provision of growth capital, we are expressing this. Formycon is on its way to becoming a key global player in the rapidly growing, multi-billion dollar global biosimilar market. The upcoming launch of FYB201 (biosimilar candidate for ranibizumab), combined with the advanced development of biosimilars for ustekinumab (FYB202) and aflibercept (FYB203), underscores the current value of the company. At the same time, the existing pipeline of late-stage projects demonstrates the company's ability to select the right reference products and successfully advance their development all the way to market approval. Formycon thus fits perfectly with our investment focus on well-positioned and future-oriented companies. We look forward to supporting the company's growth strategy over the long term."

Dr. Nicolas Combé, CFO of Formycon AG adds: "We are very pleased about the entry of the Active Ownership Group and their long-term commitment to support the consistent implementation of our growth strategy. We will invest the capital provided in the further development of our pipeline. The FYB206 project is extremely promising and with the additional liquidity we are able to move this and other projects into later development phases while retaining exclusive rights for as long as possible. This is the core of our growth strategy and we are confident that it will further optimize the commercialization potential of our projects. In addition to the development and expansion of our biosimilar pipeline, we want to advance our project in the field of COVID-19 therapies and see considerable opportunities here as well. Formycon is a strong development company with exceptional growth potential and together with AOC, it is our goal to successfully continue on the path we have taken so far. We are looking forward to a long-term and trusting cooperation."

Munich - Formycon AG (ISIN: DE000A1EWVY8/ WKN: A1EWVY) has today announced its financial results for the first half of 2020.

On the day of reporting, June 30, 2020, the Formycon Group's commercial figures developed as forecasted. The Group's turnover which, in addition to the joint-stock company also includes the two fully consolidated subsidiaries Formycon Project 201 GmbH and Formycon Project 203 GmbH, as well as the shareholding in FYB 202 GmbH & Co. KG, which is not consolidated, totaled Euro 16.5 million in the first six month of 2020 (H1/2019: Euro 17.2 million).

During the company's current phase, the Formycon Group continues to focus on research and development activities for its own and out-licensed biosimilar projects as well as its own COVID-19 project. The development services for the out-licensed or partnered projects are also the source of the current revenue returns. Following the successful approval of these products, Formycon also participates in the subsequent marketing revenues.

Consolidated earnings before interest, tax, depreciation and amortization (EBITDA) amounted to Euro-0.9 million (H1/2019: Euro -0.2 million), the operating result (EBIT) totaled around Euro -1.4 million (H1/2019: Euro -0.7 million). As of June 30, 2020, the Group period result was Euro -1.4 million compared to Euro -0.7 million in the same period last year.

For the full year 2020, Formycon expects revenues at the group level to be between EUR 35 and 40 million. As in previous years, the Group's financial position is solid: Stocks of liquid assets, which comprise cash, checks, bank deposits and securities, totaled around Euro 20.2 million on the day of reporting. Including short-term receivables and other assets worth Euro 6.0 million, the Formycon Group held liquid assets of around Euro 26.2 million in total.

Formycon AG, as the company's central development and operational unit, achieved a turnover of Euro 12.0 million during the first half of 2020 (H1/2019: Euro 11.3 million). The earnings for this period totaled Euro -1.3 million (H1/2019: Euro -0.7 million).

"The half-year figures are in line with our expectations. We have made good progress in the out-licensed and partnered projects. At the same time, we are working intensively on building and developing our own pipeline and are convinced that we will create sustainable value. In addition, we are investing in organizational development, which includes expanding our capacities as well as extensive measures to further digitalize our processes," comments Dr. Nicolas Combé, CFO of Formycon AG.

The full half-year report can be found on the Internet at https://www.formycon.com/en/investor-relations/financial-reports/

Munich - Formycon AG (ISIN: DE000A1EWVY8/ WKN: A1EWVY) has today published its financial performance indicators for 2019 and has recorded a solid financial year.

On the day of reporting, December 31, 2019, the Formycon Group's commercial figures had developed as forecast. Consolidated group sales, which in addition to the AG include the two subsidiaries Formycon Project 201 GmbH and Formycon Project 203 GmbH as well as the 24.9 percent share in the FYB 202 GmbH & Co. KG joint venture, amounted to a total of Euro 33.2 million (overall performance 2019: Euro 33.9 million; sales revenue previous year: Euro 43.0 million including a special effect of Euro 8.5 million). The Formycon Group is currently focusing on research and development activities for both its own and out-licensed biosimilar projects, which are the source of its current revenues. After successful approval of the biosimilar candidates, Formycon will also participate in the subsequent marketing revenues.

Group earnings before interest, taxes and depreciation on fixed assets and intangible assets (EBITDA) amounted to Euro -1.4 million (previous year: Euro 8.0 million). The operating result (EBIT) as well as the annual result amounted to a rounded Euro -2.3 million (previous year Euro 7.1 million) and were thus in line with the forecast.

Current assets consist largely of liquidity and near-liquid assets. As in previous years, the Formycon Group has a very solid capital base, which, with approximately Euro 22.4 million (prior year: Euro 12.3 million) in cash and cash equivalents (cash on hand, checks, bank balances and securities), allows for flexibility. Including short-term receivables and other assets worth Euro 5.3 million, the Formycon Group holds liquid assets of Euro 27.7 million in total (previous year Euro 17.5 million).

The Group's balance sheet total rose by 35% to around Euro 53.6 million (previous year: Euro 39.6 million) with a simultaneous increase in the equity ratio to 90.0 percent (previous year 83.9 percent). This was mainly due to the cash capital increase of around Euro 17.3 million carried out in the second quarter of 2019. The company has no financial liabilities.

Formycon AG, as the Group's actual operational unit, achieved a turnover of Euro 21.0 million (previous year: Euro 29.6 million including a special effect) and recorded an EBITDA of Euro -1.3 million (previous: Euro 8.2 million). Accordingly, this resulted in an EBIT as well as an annual result of a rounded Euro - 2.2 million (previous year: Euro 7.3 million).

Formycon continued to recruit qualified professionals in 2019 according to the needs of the development projects. The number of employees at the end of the reporting period was 113 (+19%).

Dr. Nicolas Combé, CFO of Formycon AG, draws the following conclusion: "We have ended the 2019 financial year in line with our forecasts and made key operational and strategic progress. The good liquidity base allows us to operate from a stable position. Eventful months lie ahead of us and we are confident that we will reach the milestones we have set. This applies both to our late-phase projects, which are being developed within the framework of development partnerships, and to our early pipeline projects. For the current financial year, we anticipate a turnover volume that will be above the level of last year."

The full 2019 annual financial statements / annual report can be found on our website at https://www.formycon.com/en/investor-relations/financial-reports/.

Munich - In consideration of the current developments of the corona pandemic, Formycon AG (ISIN: DE000A1EWVY8/ WKN: A1EWVY) today announces news on its development portfolio.

An early reaction and the implementation of appropriate organizational decentralization measures enabled Formycon to adapt well to the current situation, so that the impact of the pandemic on the company's operational development activities has been minimal so far. This also applies to the company's liquidity situation, which is unaffected and remains very solid.

Formycon continues to work with license partner Bioeq AG and its manufacturing partner on the resubmission of the Biologics License Application (BLA) for the FYB201 project, a biosimilar candidate for Lucentis(R)* (Ranibizumab), despite the situation regarding COVID-19. Together, Formycon and its partners are interacting with the U.S. Food and Drug Administration (FDA) and are currently focused on supporting the effort to generate the additional manufacturing data requested by the FDA for resubmission. Based on the manufacturing dates, completion of these efforts, and certain regulatory interactions for FYB201, a resubmission of the BLA is expected in the course of the second half of 2020 by license partner Bioeq AG.

The development project FYB202, a biosimilar candidate for Stelara(R)** (Ustekinumab), has been in phase I clinical trial since October 2019, which is at an advanced stage. Preparations for the start of the phase III clinical trial, which is scheduled for the third quarter of 2020, are continuing as planned. FYB202 is being developed in a joint venture by Aristo Pharma GmbH and Formycon AG in which Aristo Pharma GmbH holds 75.1% and Formycon AG 24.9%. Bioeq GmbH is the sponsor of the clinical trials and is also responsible for the study design and clinical operations.

Initiating work on the planned phase III clinical trial with FYB203, Formycon's biosimilar candidate for Eylea(R)*** (Aflibercept), is also proceeding as expected. The first regulatory approvals have been granted for the randomized, double-blind, multicenter phase III study comparing the efficacy and safety of Aflibercept FYB203 biosimilar with the reference drug Eylea(R) in patients with neovascular age-related macular degeneration. The start of the phase III clinical trial is planned for mid-2020. The worldwide marketing rights for FYB203 have since been transferred from Santo Holding (Deutschland) GmbH within the Santo Group to Klinge Biopharma GmbH.

In addition, Formycon continues to expand its biosimilar pipeline. The development of the biosimilar candidate FYB206, for example, is currently in the preclinical phase and relevant intellectual property (IP) has already been established by filing a corresponding patent application. There have been no details on the other pipeline candidates (FYB20x) announced yet. The rights to these projects are held by Formycon.

"Formycon took early extensive measures to protect employees from infection during the corona pandemic, while at the same time ensuring the operating schedule. In addition, we are in close contact with our external partners, which have also taken intensive arrangements within the framework of the current situation to minimize the effects as far as possible," explains Dr. Stefan Glombitza, COO of Formycon.

CEO Dr. Carsten Brockmeyer adds: "The current crisis will also impact the healthcare systems financially. The access to affordable high-quality medicines will become even more important and the need towards the use of biosimilar medicinal products is therefore expected to increase in the future."

* Lucentis(R) is a registered trademark of Genentech Inc.** Stelara(R) is a registered trademark Johnson & Johnson*** Eylea(R) is a registered trademark of Regeneron Pharmaceuticals Inc.