BioInvent Interim Report 1 January – 30 June 2014
Milestone payments and sale of product rights bring profit in second quarter
Second quarter 2014, April - June
- Net sales for April – June 2014 amounted to SEK 32 (12) million.
- Earnings after tax for April – June 2014: SEK 3.7 (-9.4) million.
- Earnings after tax per share for April – June before and after dilution: SEK 0.04 (-0.13).
- Cash flow from current operations and investment activities for April – June 2014: SEK -25 (-37) million.
Half year results 2014, January – June
- Net sales for January – June 2014 amounted to SEK 34 (24) million.
- Earnings after tax for January – June 2014: SEK -15 (-24) million.
- Earnings after tax for January – June before and after dilution: SEK -0.17 (-0.32).
- Liquid funds as of 30 June 2014: SEK 74 (40) million. Cash flow from current operations and investment activities for January – June 2014: SEK -48 (-60) million.
Important events in the second quarter and after the reporting period
- In the second quarter BioInvent received SEK 63.9 million through a rights issue combined with a private placement. The rights issue was oversubscribed by 101% and amounted to SEK 48.9 million. The private placement of SEK 15 million was subscribed by Henrik Rhenman through Rhenman Healthcare Equity L / S and Peter Thelin through East Bay AB.
- BioInvent sold back its rights to the drug candidate ADC-1013 to Alligator Bioscience AB to focus resources on the fully owned drug development candidates.
- BioInvent was granted a U.S. patent for BI-505 and apoptosis-inducing ICAM-1 antibodies. The patent provides broad protection for BI-505 which is in a phase II study and which was developed using F.I.R.S.T.™, BioInvent's patented discovery platform for antibody drug candidates and cellular target structures.
- BioInvent has received milestone payments from Bayer and Servier totaling EUR one million. The milestone payments are based on the development of antibodies identified from BioInvent’s n-CoDeR® antibody library. The milestone payments were triggered as Bayer enrolled the first patient in a phase I clinical trial and Servier reached in vivo proof of concept against a specific target structure.
Comments from the CEO
"In the second quarter, we demonstrated that we can generate significant revenue from our technology. We have scaled up our marketing efforts and seen a growing interest from international pharmaceutical and biotech companies for our development platform F.I.R.S.T™ and for our key pipeline projects. Our research programs are focused in immuno-oncology, the pharmaceutical market segment expected to become the largest pharmaceutical market in oncology with a value potential of over SEK 200 billion." says Michael Oredsson, CEO of BioInvent.
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
Information disclosed in this half year report 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 8.40 a.m. CET, on 24 July, 2014.
BioInvent International AB is a research-based pharmaceutical company focused on discovery and development of innovative antibody-based drugs against cancer.
The company has unique expertise in antibody drug development from initial concept to late clinical phase. The screening tool F.I.R.S.T.TM and the antibody library n-CoDeR® are two patented tools that enable identification of relevant human antibodies and disease targets during the discovery phase. The scope and strength of this platform is also used to develop 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. These partners include Bayer Pharma, Daiichi Sankyo, Mitsubishi Tanabe Pharma, Servier and Xoma.