BioInvent Interim Report 1 January - 30 September 2012
BioInvent (STO:BINV):
New focus
The company has decided to focus the business with the goal of achieving self-financing of operations before external costs for new clinical trials. Proprietary development of novel antibody therapeutics will mainly concentrate on the field of oncology and thus gain a clear focus on a specific indication.
During the period from July to October the number of full-time employees was reduced from 89 to 48. In July 2012 the number of full-time employees was reduced by 21. After completion of union negotiations in October, it was decided that the number would be reduced by another 20 people in a second round of personnel reductions. The measures will reduce costs next year to about SEK 75 million. The goal is to balance these costs with revenues from external programs based on product candidates from the antibody library n-CoDeR®.