Affitech receives milestone payment from Roche re. LC06 antibody
9 Aug, 2012 14:28 CET
Affitech A/S
Company Announcement
Affitech receives milestone payment from Roche re. LC06 antibody
Release no. 21/2012
Copenhagen and Oslo, 9th August, 2012, 2012-08-09 14:28 CEST (GLOBE NEWSWIRE)
-- Affitech A/S, (NASDAQ OMX: AFFI), the antibody medicines company, announced
today that Roche has reached the first milestone in a Research and License
agreement between Roche and Affitech Research AS, Affitech A/S Norwegian
subsidiary. Under the agreement Roche has licensed LC06, a human
anti–angiopoietin 2 antibody, which has been generated by Affitech Research AS
and which Roche has combined with its anti-VEGF antibody bevacizumab (Avastin®)
to generate a bi-specific antibody, as described in Proceedings of the National
Academy of Sciences, USA (PNAS July 5, 2011 vol. 108 no. 27 11187-11192).
Roche has now completed the GLP toxicology package for this bi-specific
antibody compound and based on this has made the decision to further progress
product development.
Under the License agreement with Hoffmann-La Roche signed in May 2007 Roche has
now made the first milestone payment to Affitech. Affitech will receive further
payments if and when the drug candidate progresses through further development
milestones.
About Affitech
Affitech A/S is a publicly traded (NASDAQ OMX Copenhagen) human therapeutic
antibody company based in Copenhagen, Denmark with R&D facilities in Oslo,
Norway. The Company utilizes a range of proprietary antibody technologies for
the discovery of fully human antibodies for application in oncology,
inflammation and other disease areas. CBAS™ (Cell Based Antibody Selection) is
Affitech’s premier discovery engine for the isolation of lead antibodies to
cell surface molecules. Affitech co-develops its two lead antibody drug
programs AT001/r84 and AT008/CCR4 with Russian partner IBC Generium. The
Company’s initial focus is on rapid and cost effective development by
partnering clinical trials in emerging markets. Further information is
available at www.affitech.com.
Disclaimer
This announcement may contain forward-looking statements including statements
about Affitech’s expectations of the progression of its pipeline including the
timing for commencement and completion of clinical trials and with respect to
cash burn guidance. Such statements are based on Management's current
expectations and are subject to a number of risks and uncertainties that could
cause actual results to differ materially from those described in the
forward-looking statements. Affitech cautions investors that there can be no
assurance that actual results or business conditions will not differ materially
from those projected or suggested in such forward-looking statements as a
result of various factors, including, but not limited to, the following: risks
associated with technological development, the risk that research & development
will not yield new products that achieve commercial success, the impact of
competition, the ability to transact viable and profitable commercial deals,
the risk of non-approval of patents not yet granted, and difficulties of
obtaining relevant governmental approvals for new products. No expressed or
implied representations or warranties are given concerning Affitech A/S or the
accuracy or completeness of the information provided herein, and no claims
shall be made by the recipient of this news release by virtue of the
information contained herein.
Contact:
Randi Krogsgaard, Director IR & Corporate Communications
Tel # +45 2320 1001, e-mail: