BioInvent and Bayer extend and broaden collaboration for the discovery and development of therapeutic antibodies
Lund, Sweden – 14 October, 2013 – BioInvent International AB (OMXS: BINV) today announces that it has signed an extension to its 2008 license agreement with Bayer Pharma AG for the development of antibodies from BioInvent's n-CoDeR® libraries. Under the terms of the extension, Bayer will broaden its access to BioInvent's discovery and development technology platform.
BioInvent will receive an undisclosed license fee to cover new projects plus success-based milestone payments and royalties on products already in development.
The n-CoDeR® libraries contain more than 20 billion (2 x 1010) highly diverse, fully human antibody fragments that have been created using BioInvent's patented approach, generating antibodies with high affinity and selectivity.
Michael Oredsson, CEO of BioInvent, commented, “ The signing of an extension and broadening of our n-CoDeR® technology collaboration with Bayer, we believe, exemplifies the value of our technology and the strength of our collaborations. The approach we have taken additionally brings a welcome fillip to our financial resources in a manner consistent with our previously communicated strategy. It is very encouraging to see that our collaborators continue to stay faithful to BioInvent.”
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To the editors:
BioInvent International AB, listed on the NASDAQ OMX Stockholm (BINV), is a research-based pharmaceutical company focused on discovery and development of innovative antibody-based drugs against cancer. The Company's pipeline currently includes three product candidates for the treatment of cancer.
The company has unique expertise in antibody drug development from initial concept to late clinical phase. The antibody library n-CoDeR® and the screening tool F.I.R.S.T. 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 and Servier. More information is available at www.bioinvent.com.
For further information, please contact:
President and CEO
+46 (0)46 286 85 67
+46 (0)707 16 89 30
BioInvent International AB (publ)
Co. reg. No. 556537-7263
Visiting address: Sölvegatan 41
Mailing address: 223 70 LUND
Phone: +46 (0)46 286 85 50
The press release contains statements about the future, consisting of subjective assumptions and forecasts for future scenarios. Predictions for the future only apply as the date they are made and are, by their very nature, in the same was as research and development work in the biotech segment, associated with risk and uncertainty. With this in mind, the actual outcome may deviate significantly from the scenarios described in this press release.
Information disclosed in this press release 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 8.30 a.m. CET, on 14 October, 2013.