Immuno-oncology research collaboration and license agreement with Pfizer
Fourth quarter 2016, October – December
Net sales amounted to SEK 31 (10) million.
Profit/loss after tax: SEK -7.3 (-21) million.
Earnings per share, before and after dilution: -0.03 (-0.13) SEK.
Cash flow from current operations and investment activities: SEK -24 (-11) million.
Full year report 2016, January - December
Net sales amounted to SEK 71 (16) million.
Profit/loss after tax: SEK -63 (-91) million.
Earnings per share before and after dilution: SEK -0.25 (-0.64).
Liquid funds as of 31 December 2016: SEK 226 (40) million. Cash flow from current operations and investment activities: SEK -77 (-73) million.
Important events in the fourth quarter and after the reporting period
In December 2016, BioInvent signed a cancer immunotherapy research collaboration and license agreement with Pfizer Inc. to develop antibodies targeting tumour-associated myeloid cells. Pfizer has paid BioInvent an upfront payment of $3 million and a $6 million equity investment in new shares of BioInvent, and will pay $1 million in research funding during 2017. In total BioInvent could be eligible for potential future development milestones in excess of $0.5 billion (assuming five antibodies are developed through to commercialisation). The Company could also receive up to double digit royalties related to product sales.
In December 2016, the Company announced that the Phase l/II study with BI-505 in first line multiple myeloma was terminated following a temporary clinical hold by the U.S. Food and Drug Administration due to an unfavourable risk benefit profile in this patient population.
In January 2017, ThromboGenics, BioInvent’s partner, announced the enrollment of the first patients in a phase II clinical trial with THR-317 for the treatment of diabetic macular edema.
Comments from the CEO
“We finished the year with the signing of a research collaboration and license agreement with Pfizer to develop a portfolio of antibodies targeting tumour-associated myeloid cells to potentially treat a range of cancer indications. We believe this agreement is an endorsement of our cancer antibody biology and immuno-oncology expertise.
Our lead antibody BI-1206 is in a Phase I/II clinical trial evaluating this novel antibody for the treatment of patients with non-Hodgkin lymphoma and chronic lymphocytic leukaemia, two important haematological cancers. BI-1206 has the potential to become an important drug for treating haematological cancers by helping address the 50% of patients who relapse when their cancer becomes resistant to rituximab, the current standard of care.
Our scientific collaboration with the University of Southampton has identified a preclinical lead candidate that is able to regulate OX40. We believe it has differentiated functionality compared to other OX40 antibodies.
It was encouraging to be able to report in January that our partner ThromboGenics had dosed the first patients in a phase II study evaluating THR-317 for the treatment of diabetic macular edema.
BioInvent has strengthened its leadership team with the appointment of Setareh Shamsili MD, PhD, as Chief Medical Officer and a member of the management team on a full time consultancy basis. Setareh brings broad expertise in clinical oncology drug development to BioInvent. Setareh was previously Chief Medical Officer at Merus and prior to that Global Medical Leader in Oncology at Astellas in the Netherlands and USA.” said Michael Oredsson, CEO of BioInvent.
