Annual General Meeting of BioInvent International AB

PRESS RELEASE 2 May 2002 Annual General Meeting of BioInvent International AB At BioInvent's AGM the company's President Svein Mathisen provided information on developments at BioInvent. "We can now clearly see how our knowledge and our technology platform are resulting in new business. This business supports our strategy of developing drug candidates in which we ourselves have a stake in the end product, all with a view to building up a portfolio of proprietary and partly-owned drug candidates." President Svein Mathisen described the year 2001 as a year in which the main orientation of the company shifted from completion of the technology platform with the focus primarily on contract manufacture of antibodies to becoming a partner that offers a broad development platform and a high level of competence in the development of the antibody-based drugs of tomorrow. In conjunction with this, the company's new organisation was also presented. The company's activities are now gathered together in a single legal and organisational unit with the focus on projects in which the entire company's integrated knowledge and technology are applied. The AGM approved the income statement and balance sheet along with the consolidated income statement and consolidated balance sheet. In addition, the AGM resolved that the accumulated loss of SEK 209,793 be covered by a transfer from the share premium reserve and that no dividend would be paid for 2001. The AGM discharged the members of the Board of Directors and the President from liability. It was resolved that the Board would consist of seven members without deputies. The ordinary members Carl Borrebaeck, Per-Olof Mårtensson, Björn Nilsson, Kenth Petersson, Svein Mathisen and Karl Olof Borg were re-elected and Björn Ogenstam was newly elected. Björn Ogenstam is Vice President of Industrifonden, the Swedish Industrial Development Fund. It was decided that the total fees paid to the Board would be SEK 690,000, which would be distributed between the members of the Board as decided by the Board. At the subsequent statutory Board meeting Per-Olof Mårtensson was appointed Chairman of the Board. The AGM resolved to approve the Board's decision of 14 March 2002 to increase the company's share capital by a maximum of SEK 665,625.50 through the issue of up to 1,331,251 new shares, each share having a nominal value of SEK 0.50. In deviation from the preferential rights of existing shareholders, the new shares were subscribed for by Oxford GlycoSciences (UK) Ltd. (OGS) on 14 March 2002. SEK 39.061 is to be paid in cash for each share, equal to the average price of the share on Stockholmsbörsen, the Stockholm stock exchange, over the ten (10) trading days prior to 14 March 2002 plus ten percent (10%). The new shares provide entitlement to dividend from the 2002 financial year inclusive. The share issue strengthens BioInvent International's ability to participate in joint development projects within the framework of the agreement with OGS and the reason for deviating from the preferential rights of existing shareholders is that the Board assesses that a directed issue to OGS will strengthen the strategic basis of the cooperation. The issue dilutes the company's existing share capital by approx. 4.7 percent. -- ENDS -- For more information please contact: BioInvent International AB Svein Mathisen Jonas Källmén President and CEO CFO Tel.: +46 (0)46- Tel.: +46 (0)46- 286 85 67 286 38 12 Mobile: +46 (0)708- Mobile: +46 (0)708- 97 82 13 77 48 07 E-mail: E-mail: sm@bioinvent.com jkn@bioinvent.com Notes to Editors: BioInvent International AB, listed on the O-list of the Swedish Exchange, is a biotechnology company devoted to providing state-of-the- art antibody technology to the pharmaceutical and biotech industry. A cornerstone is its proprietary human antibody gene library, n-CoDeR(TM). This is a collection of more than ten billion functional antibody genes that are ready to be screened against desired antigens. n-CoDeR(TM) has been used successfully for the isolation of antibody fragments with specificity for a number of antigens, including peptides, proteins and carbohydrates. BioInvent offers biotechnology and pharmaceutical companies access to n-CoDeR(TM) through collaborative research and development programs. BioInvent's capabilities in large-scale contract manufacturing of protein-based drugs through a state-of-the-art cGMP-certified facility further underpin its competitiveness in the antibody arena. BioInvent has been supplying monoclonal antibodies, fusion proteins and other recombinant proteins to the world's leading pharmaceutical and biotechnology companies for therapeutic use since 1988. These antibodies and proteins are used in all phases of clinical trials in both the US and across Europe. The cGMP-certified manufacturing facility is designed to meet FDA and EU regulations from early clinical development to commercial scale-up, with multi-kilogram annual capacity. BioInvent is headquartered in Lund, Sweden, employing a total of 115 people. For further information, see www.bioinvent.com ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/09/25/20030925BIT00990/wkr0001.doc http://www.waymaker.net/bitonline/2003/09/25/20030925BIT00990/wkr0002.pdf