BioInvent engages international drug development experts
January – March 2017
• Net sales amounted to SEK 13 (29) million.
• Earnings after tax SEK -22 (0.3) million.
• Earnings after tax per share before and after dilution: SEK -0.07 (0.00) SEK.
• Liquid funds as of 31 March 2017 amounted to SEK 216 (41) million. Cash flow from operating activities and investment activities amounted to SEK -10 (1.5) million.
Important events in the first quarter and after the reporting period
• In January 2017, BioInvent’s partner ThromboGenics, announced the enrollment of the first patients in a phase II clinical trial with THR-317 for the treatment of diabetic macular edema.
• In April 2017 BioInvent announced that the European Patent Office, EPO, has 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.
Comments from the CEO
"In order to ensure continued effective and professional development of BioInvent's pharmaceutical project, the company has strengthened its collaboration with leading immuno-oncology and drug development authorities in a Scientific Advisory Board, which held its first meeting in London on 14 May. Five reputable authorities will under the leadership of Martin Glennie, Professor at the University of Southampton, assist us in the development of in particular our preclinical drug projects. The high-level science in the Company’s projects has been an important factor in attracting these experts. A presentation of the members is available at www.bioinvent.com.
Confirmation that our projects have significant commercial potential came at the end of last year when we signed a collaboration agreement relating to tumour-associated myeloid cells with Pfizer. The partnership is now operational and we are looking forward to being part of the development of new drugs for several cancer diseases where there is a significant need for improved treatment.
The clinical trials involving drug candidates BI-1206 and TB-403 continued during the quarter. As previously announced, we expect to be able to present the first safety and dose results from the BI-1206 study in the first half of 2018. During the trials, independent safety committees continuously evaluate the safety profile of the antibodies.
BioInvent received in April 2017 a €0.5 million milestone payment under the collaboration with Mitsubishi Tanabe Pharma in connection with the approval of starting a Phase I study of an antibody identified from BioInvent’s n-CoDeR® antibody library. We can also report that contract manufacturing of antibodies at our production facility in Lund continues to contribute to our financial sustainability,” 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
January – March 2017
• Net sales amounted to SEK 13 (29) million.
• Earnings after tax SEK -22 (0.3) million.
• Earnings after tax per share before and after dilution: SEK -0.07 (0.00) SEK.
• Liquid funds as of 31 March 2017 amounted to SEK 216 (41) million. Cash flow from operating activities and investment activities amounted to SEK -10 (1.5) million.
Important events in the first quarter and after the reporting period
• In January 2017, BioInvent’s partner ThromboGenics, announced the enrollment of the first patients in a phase II clinical trial with THR-317 for the treatment of diabetic macular edema.
• In April 2017 BioInvent announced that the European Patent Office, EPO, has 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.
Comments from the CEO
"In order to ensure continued effective and professional development of BioInvent's pharmaceutical project, the company has strengthened its collaboration with leading immuno-oncology and drug development authorities in a Scientific Advisory Board, which held its first meeting in London on 14 May. Five reputable authorities will under the leadership of Martin Glennie, Professor at the University of Southampton, assist us in the development of in particular our preclinical drug projects. The high-level science in the Company’s projects has been an important factor in attracting these experts. A presentation of the members is available at www.bioinvent.com.
Confirmation that our projects have significant commercial potential came at the end of last year when we signed a collaboration agreement relating to tumour-associated myeloid cells with Pfizer. The partnership is now operational and we are looking forward to being part of the development of new drugs for several cancer diseases where there is a significant need for improved treatment.
The clinical trials involving drug candidates BI-1206 and TB-403 continued during the quarter. As previously announced, we expect to be able to present the first safety and dose results from the BI-1206 study in the first half of 2018. During the trials, independent safety committees continuously evaluate the safety profile of the antibodies.
BioInvent received in April 2017 a €0.5 million milestone payment under the collaboration with Mitsubishi Tanabe Pharma in connection with the approval of starting a Phase I study of an antibody identified from BioInvent’s n-CoDeR® antibody library. We can also report that contract manufacturing of antibodies at our production facility in Lund continues to contribute to our financial sustainability,” 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
