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Biovitrum AB Aims to Spin-Out Cambridge Biotechnology


1/22/2009 6:43:38 AM

STOCKHOLM, SWEDEN--(MARKET WIRE)--Jan 22, 2009 -- Biovitrum AB (publ) (STO: BVT) today announced the initiation of a process aiming to spin out its small molecule UK based R&D subsidiary Cambridge Biotechnology (CBT) and a range of primary care projects. The proposed transaction reflects Biovitrum's previously announced decision to focus its in-house R&D on specialist pharmaceuticals and protein therapeutics. Biovitrum has engaged Nomura Code in this process.

The CBT R&D pipeline includes one Phase II neuropathic pain project; one Phase II and one Phase I obesity projects as well as a highly novel leptin mimetic candidate drug in obesity; and one pre-clinical and four pain and inflammation discovery programmes.

"CBT has a highly competent and successful stand-alone internal R&D organization based on solid technologies and know-how. As we leave small molecule, primary care drug development, I am convinced that CBT will be successful in the further development of its highly promising pipeline of primary care projects outside Biovitrum," said Martin Nicklasson, CEO of Biovitrum. He added: "This decision is a logic step in the execution of our strategic roadmap. Biovitrum will now continue its efforts on bringing valuable new medicines to people with high medical needs by focusing on specialist pharmaceuticals."

About Cambridge Biotechnology (CBT)

CBT specialises in the discovery and development of high value potential "First-in-Class" therapeutics in the fields of pain/inflammation and obesity using two core platforms: the targeting of drug action to low pH tissues (apHinity), and peptide-mimetic chemistry. The CBT R&D pipeline ranges from discovery to clinical projects.

The most advanced project is a Phase II drug candidate in development for neuropathic pain. Data from the recent exploratory Phase IIa study showed significant effects on pain relief in diabetic neuropathy patients, with no side effects.

Another exciting project is a small molecule mimetic of the metabolic hormone leptin in obesity. It has shown compelling weight-reducing effects in well-established animal models.In addition, the internally developed pipeline contains one pre-clinical and four discovery programmes targeting mechanisms within the pain and inflammation therapeutic area.

About Biovitrum

Biovitrum is a Swedish pharmaceutical company. The company markets a range of specialist pharmaceuticals internationally. Using its expertise and experience Biovitrum takes scientific innovation all the way to the market and to specialist indication patients with significant medical need. Research expertise and capabilities are focused on development and production of biotechnology therapeutics. The company has revenues of approximately SEK 1.3 billion and around 500 employees. It is listed on the OMX Nordic Exchange in Stockholm. For more information go to www.biovitrum.com

For further information, please contact

Martin Nicklasson, CEO Phone: +46 8 697 2545

Göran Arvidson, CFO Cell phone: +46 70 633 30 42

Erik Kinnman, VP Investor Relations Cell phone: +46 73 422 15 40 erik.kinnman@biovitrum.com

Biovitrum AB (publ) may be required to disclose the information provided herein pursuant to the Swedish Securities Markets Act. The information was provided for public release on January 22, 2009 at 08:55 a.m. CET.

Press Release January 22: http://hugin.info/134557/R/1284133/287651.pdf

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Copyright © Hugin AS 2009. All rights reserved.

Contact: Source: Biovitrum

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