LUND, Sweden--(BUSINESS WIRE)--Regulatory News:
BioInvent (STO:BINV):
Important events in the first quarter and after the end of the reporting period
- Positive results were reported in the phase I study of BI-505 in patients with multiple myeloma. The candidate drug was well tolerated and indicated therapeutic effect.
- The first patient was dosed in April in an initial phase II study of BI-505.
- Preclinical data for BI-505 were published in the April issue of the scientific journal Cancer Cell, showing clear anti-myeloma effects.
- CEO Svein Mathisen resigned, Cristina Glad has been appointed as acting CEO and recruitment of new CEO and President is ongoing.
Key financial points
- Net revenues for January – March 2013 amounted to SEK 12 (15) million.
- Earnings for January – March 2013: SEK -14 (-37) million. Earnings per share SEK -0.19 (-0.55).
- Liquid funds as of 31 March 2013: SEK 77 (138) million. Cash flow of current operations and investment activities for January – March 2013: SEK -23 (-36) million
BioInvent is a research-based pharmaceutical company focused on discovery and development of innovative antibody-based drugs against cancer. The Company also develops antibody-based drugs in collaboration with partners who finance the development of the new drug, and provide BioInvent the right to milestone payments and royalties on sales.
Comments from the CEO
The phase I study of BI-505 met our goals and we are now proceeding with an initial small phase II study in patients in the early stages of multiple myeloma, known as asymptomatic multiple myeloma. At the same time, we are strengthening the documentation for BI-505. The phase I study was presented at an international meeting on multiple myeloma in Kyoto, Japan, along with preclinical data indicating an enhanced anti-tumour effect when combining BI-505 with approved drugs, compared with using them in monotherapy. Preclinical proof-of-concept data supporting our BI-505 clinical development program was published in the April 2013 issue of the prestigious oncology journal Cancer Cell.
Published data also illustrate the potential of our unique F.I.R.S.T.™ and n-CoDeR®platforms. In addition to simultaneous identification of target structures and the therapeutic antibodies directed against them, these can reveal previously unknown functions of known target structures and thus demonstrate their therapeutic use in new indications.
Today we have five successful partnerships with major pharmaceutical companies that are developing antibody-based drugs using our n-CoDeR®library platform. The contribution of these external drug programs to our pharmaceutical portfolio currently consists of five projects in preclinical phase and more than ten research phase projects. Some of these projects are expected to advance to clinical development this year.
Success in these external drug projects coupled with opportunities for new collaborations based on both n-CoDeR®and F.I.R.S.T.™ provide great opportunities to increase revenues without taking any financial risk, since the partner company covers all development costs.
During the period, new preclinical research was published in Cell, which shows the potential of TB-403 (anti-PlGF) to improve treatment of medulloblastoma, the most common type of brain tumor in children. The potential for development in this area is currently investigated in together with our partner ThromboGenics.
Cristina Glad
The report is also available at www.bioinvent.com
Information disclosed in this press release is provided herein pursuant to the Swedish Securities Markets Act and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication at 8.30 a.m. CET, on 25 April, 2013.
This information was brought to you by Cision http://news.cision.com