BioInvent International AB Annual General Meeting

BioInvent International AB Annual General Meeting At BioInvent's Annual General Meeting, President and CEO Svein Mathisen informed the shareholders about BioInvent's progress. His presentation focused largely on the Company's business strategy according to which the development of proprietary drug candidates is crucial for the optimal utilisation of the Company's expertise and technology. President and CEO Svein Mathisen described 2002 as a year in which the Company focused increasingly on developing proprietary antibody-based drugs. The Company is currently working intensely with projects in the fields of HIV, arteriosclerosis and cancer. Svein Mathisen also described BioInvent's business strategy which in essence is based on a combination of three types of projects: sales of development services, development partnerships and proprietary drug development projects. In the short term, this business model provides a market presence, a continuous source of income and increased knowledge and experience from participation in many different drug development projects. Furthermore, part-ownership of several different products provides the potential for long-term profitability. The AGM approved the income statement and balance sheet along with the consolidated income statement and the consolidated balance sheet. In addition, the AGM resolved that the accumulated loss of SEK 166,174,000 be covered by a reduction of the share premium reserve and that no dividend would be paid for 2002. The AGM discharged the members of the Board of Directors and the President from liability and re-elected the total number of members; Per- Olof Mårtensson (Chairman), Karl Olof Borg, Carl Borrebaeck, Björn Nilsson, Kenth Petersson, Svein Mathisen and Björn Ogenstam. It was decided that the total fees paid to the Board would be SEK 690,000 to be distributed among the members as determined by the Board. The AGM further resolved to adopt the proposal by the Board of Directors to issue debenture certificates directed to executives and key-personnel in BioInvent. The debenture certificates will consist of 300,000 detachable warrants entitling to subscription for the corresponding number of new shares in BioInvent during the period 1 January 2007 to 30 April 2007 at a subscription price to be decided on 30 April 2003. Finally, the AGM appointed a Nomination Committee composed of the Chairman of the Board of Directors (convening) as well as by one representative of each of the company's three major shareholders as per 30 September of each financial year. The task of the Nomination Committee shall be to present proposals, before the forthcoming AGMs, regarding the election of members of the Board of Directors and the determination of fees to the Board of Directors, and, where appropriate, the election of auditors and the determination of auditor's fees. The AGM voted against the proposal that the Board of Directors should be commissioned to appoint an Audit Committee. -- THE END -- For more information BioInvent International AB Buchanan Communications Svein Mathisen Nicolah How / Louise Bolton President and CEO Tel. +44 20 7466 5000 Tel: +46 46 286 85 67 Mobile: +46 708 97 82 13 E-mail: svein.mathisen@bioinvent.com Jonas Källmén CFO Tel: +46 46 286 3812 Mobil: +46 708 77 48 07 E-mail: jonas.kallmen@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 130 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/2003/09/25/20030925BIT01180/wkr0001.doc http://www.waymaker.net/bitonline/2003/09/25/20030925BIT01180/wkr0002.pdf