BioInvent Interim Report January 1 - March 31, 2019

LUND, Sweden, May 22, 2019 /PRNewswire/ --

• Net sales SEK 17.4 (11.3) million

• Earnings after tax SEK -27.8 (-24.9) million

• Earnings after tax per share before and after dilution: SEK -0.08(-0.08) SEK

• Liquid funds as of March 31, 2019 SEK 28.5* (108.2) million. Cash flow from operating activities and investment activities SEK -40.5 (-29.3) million*Liquid funds as of March 31, 2019 include SEK 1.5 million of the total net capital SEK 220.0 million from the rights issue and the directed issue. Remaining net capital SEK 218.5 million has been received in April 2019.

Important events in the first quarter and after the reporting period 

• In January 2019 the U.S. Food and Drug Administration granted the Company orphan designation for its proprietary antibody BI-1206 for the treatment of mantle cell lymphoma.

• BioInvent raised SEK 240.5 million prior to issue costs through a combination of a rights issue and a directed issue. The Board of Directors of BioInvent resolved in February 2019 on a fully underwritten rights issue of SEK 210.5 million and a directed issue of SEK 30.0 million with a Swedish pension fund and a Swedish life science fund. The rights issue and the directed issue have been completed and 46.9 percent of the rights issue was subscribed for with subscription rights. 0.7 percent of the share issue was subscribed for without subscription rights and 52.4 percent was subscribed for by guarantors.

• In March 2019, BioInvent announced that the United States Patent and Trademark Office (USPTO) had issued a Notice of Allowance, informing the company that a patent application relevant to its F.I.R.S.T™ platform had been allowed. The patent will cover methods for differential screening and isolation of antibodies.  

• In April 2019 BioInvent received a €0.75 million milestone payment from Mitsubishi Tanabe Pharma Corporation in connection with enrollment of the first patient in a Phase II clinical trial of an antibody identified from BioInvent's proprietary n-CoDeR® antibody library.

Comments from the CEO

Martin Welschof, CEO of BioInvent, comments: "BioInvent continued to make good progress in the first quarter, advancing our pipeline and further validating our unique F.I.R.S.TTM platform allowing us to yield actionable leads and develop therapies which have the potential to make a significant difference in the lives of cancer patients. We are progressing BI-1206, our lead antibody, for treatment of a range of hematological cancers and are aiming to add three clinical programs in solid cancer.  

Our comprehensive program to target TNFR2 for cancer therapy shows the potential in the n-CoDeR® and F.I.R.S.TTM platforms, which have generated a broad panel of highly specific anti-TNFR2 antibodies, including our lead candidate antibody BI-1808. The milestone payment received from Mitsubishi related to the initiation of a Phase II trial further validates the platform, and we are pleased to have extended the platform's patent protection in the United States.

We also extended our collaboration with Transgene to develop multifunctional oncolytic viruses for the treatment of solid tumors, which further confirms our positive working relationship.

In the near term, we are looking forward to several important milestones, which include the initiation of clinical development of our second anti-FcγRIIB program in combination with an anti-PD1 antibody; the presentation of a BI-1206/rituximab abstract at an international lymphoma conference; and the results from a Phase II study evaluating THR-317 in combination with ranibizumab, expected in Q3 2019.

Based on these clinical advances, we remain focussed on opportunities to partner our product candidates. We will consider carefully how best to use our financing to ensure we prioritize the most promising opportunities to deliver solutions for patients and value for our shareholders."

Contact

Any questions regarding this report will be answered by Martin Welschof, CEO, +46(0)46-286-85-50, martin.welschof@bioinvent.com. The report is also available at http://www.bioinvent.com/.

BioInvent International AB (publ)

Co. reg. no. 556537-7263
Address: Sölvegatan 41, 223 70 Lund

Tel.: +46(0)46-286-85-50
info@bioinvent.com

Forward looking information

This interim report contains statements about the future, consisting of subjective assumptions and forecasts for future scenarios. Predictions for the future only apply as of the date they are made and are, by their very nature, in the same way as research and development work in the biotech segment, associated with risk and uncertainty. With this in mind, the actual out-come may deviate significantly from the scenarios described in this press release.

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SOURCE BioInvent