Second quarter 2017, April – June
• Net sales amounted to SEK 11 (10) million.
• Earnings after tax: SEK -23 (-27) million.
• Earnings after tax per share before and after dilution: -0.08 (-0.10) SEK.
• Cash flow from operating activities and investment activities: SEK -23 (-27) million.
Half year report 2017, January - June
• Net sales amounted to SEK 24 (40) million.
• Earnings after tax: SEK -46 (-27) million.
• Earnings after tax per share before and after dilution: SEK -0.15 (-0.13).
• Cash flow from operating activities and investment activities: SEK -33 (-26) million. Liquid funds as of 30 June 2017: SEK 193 (224) million.
Important events in the second quarter and after the reporting period
• In April 2017 BioInvent announced that the European Patent Office, EPO, had communicated its intention to grant the company a patent relating to the immuno-oncology antibody BI-1206. The patent covers the use of the company’s drug candidate BI-1206, and similar CD32b antibodies, in combination with a CD19, CD20 or CD40 antibody in the treatment of cancer or inflammatory diseases in certain groups of patients.
• BioInvent and ThromboGenics NV announced in July 2017 that they have agreed to amend their long-standing agreement, which covers the co-development of the novel PlGF monoclonal antibody products TB-403 and THR-317. The revisions to the existing agreement have been aligned with each company’s strategic ambitions and therapeutic focus.
Comments from the CEO
“During the second quarter, negotiations took place with our longstanding collaboration partner ThromboGenics, which until now has had a dominant ownership in both of the two PlGF antibody products TB-403 and THR-317. These novel products, which are based on the same antibody, are being developed for different indications using different formulations.
As a result of our renegotiated agreement with ThromboGenics, BioInvent is increasing its ownership in the TB-403 cancer project from 40 to 50 percent. In addition, BioInvent is also taking over responsibility for management of the project. TB-403 is currently in a clinical trial in children with brain tumours. This trial is being conducted in conjunction with Oncurious, a subsidiary of ThromboGenics.
As THR-317 is being developed as a new treatment for diabetic macular edema, a field that is not part of BioInvent’s strategic focus, we have renegotiated our agreement with ThromboGenics so that we have secured a five percent share of all future revenues, without contributing to the historic or future financing of the project. Previously BioInvent had a maximum right to a 40 percent ownership in THR-317, but linked to a commitment to finance 50 percent of all historic and future development costs of the project.
During the spring – along with leading international clinicians – we continued working to define a broader, long term development strategy for BI-1206. The strategy was discussed at an advisory board meeting in Washington D.C. in May. Some of the world’s leading experts within blood cancer participated. Among the participants were Bruce Cheson (Professor of Medicine, Head of Hematology, and Director of Hematology Research at Georgetown Lombardi Comprehensive Cancer Center), Andy Davies (Honorary Senior Lecturer and Consultant in Medical Oncology within Medicine at the University of Southampton), Kapil Dhingra (Medical oncologist, physician-scientist and the founder of a consulting company, KAPital Consulting, LLC), and Michael Wang (Professor at the Department of Lymphoma & Myeloma, University of Texas MD Anderson Cancer Center).
During the second quarter we also began working with a new undisclosed client for contract manufacturing of antibodies,” said Michael Oredsson, CEO of BioInvent.
Contact
Any questions regarding this report will be answered by Michael Oredsson, CEO, phone +46 (0)46 286 85 67, mobile +46 (0)707 18 89 30. The report is also available at www.bioinvent.com
Business focus
BioInvent is generating value for shareholders by employing its antibody and cancer biology expertise to identify antibodies with novel mechanisms-of-action and novel oncology targets. The Company employs this approach to generate therapeutic immuno-modulating antibodies that can be developed for a broad range of cancer indications. The Company plans to bring these antibodies to the clinic through its own resources and together with partners.
To achieve these goals the Company is currently:
• Progressing clinical development of our lead antibody BI-1206 for treatment of haematological cancers. • Advancing our innovative pre-clinical Treg immuno-oncology programmes identifying antibodies to novel targets and with novel functions as well as antibodies that address validated targets such as OX40 and 4-1BB.
• Developing a pre-clinical portfolio of first-in-class antibodies targeting tumour-associated myeloid cells in collaboration with Pfizer.
• Collaborating with Oncurious on the development of TB-403, a potential treatment for paediatric brain cancers.
• Generating further revenues through antibody contract manufacturing and technology deals.
