Interim Report 1 January - 30 September 2004

Interim Report 1 January - 30 September 2004 ·Strategic alliance with ThromboGenics strengthens the emphasis in the portfolio on the clinical development phase. The initial drug candidate aims to inhibit thrombosis. ·Toxicology studies initiated within the HIV project ·Research results in the atherosclerosis project published in the well-reputed journal Circulation ·Net revenues for January-September 2004:SEK 40.3 million (50.7). ·Cash flow from current operations and investment activities for January - September 2004:SEK -69.0 million (-39.4). Liquid funds at the end of the period: SEK 199.7 million (304.6). ·Loss after net financial items for January - September 2004amounted to SEK -68.6 million (-65.2) and the loss after net financial items per share was SEK -2.33 (-2.21). Comments by the CEO During the period we have reported several steps forward in our project portfolio. Our drug candidate for the treatment of HIV infection is advancing rapidly through pre-clinical development towards tests on humans. In order to meet this challenge, we have reinforced our development organisation with the addition of individuals with profound knowledge and many years of experience in the clinical development of antibody-based drugs. Also, we can confirm that the technology platform we have built is able to deliver product candidates. In just over two years, we have taken the HIV project from an idea to a drug candidate that is now being tested in toxicology studies. Provided that we achieve expected progress, the next phase is to test the drug candidate on humans. As a result of the alliance we entered into in September with ThromboGenics, the emphasis in our project portfolio has shifted further towards the clinical development phases. The initial collaborative programme will focus on development of an antibody-based drug candidate to reduce the risk of thrombosis in connection with a number of medical conditions. In experiments carried out on animal models, the drug candidate has been shown to effectively inhibit thrombosis. Before the clinical development programme can begin, toxicology studies must be carried out in the pre-clinical phase. This collaboration provides more evidence of the interest that is being shown in our technology platform and competence. By offering this platform within the framework of the collaboration, we have been able to secure a significant stake in a promising product candidate in a market segment that is very attractive from a commercial point of view. We have also made significant progress in our other programmes. Recently some of the results obtained from our atherosclerosis project were published in the well-reputed journal Circulation published by the American Heart Association. As we shift our positions forward towards the clinical development phase, part of the capacity in the production facility will be used in our drug projects. Accordingly, revenue from development assignments will vary to some extent from quarter to quarter. Contact: Any questions regarding this report will be answered by: Svein Mathisen, President & CEO, tel.+46 (0)46 286 85 67, mobile +46 (0)708 97 82 13 Cristina Glad, Executive Vice President, +46 (0)46 286 85 51, mobile +46 (0)708 16 85 70. The report is also available at 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/2004/10/14/20041014BIT20110/wkr0001.pdf The full report