BioInvent extends antibody collaboration with Japanese pharmaceutical partner
Lead candidate for inflammation to progress into preclinical development
Lund, Sweden – 21 December 2010 – BioInvent International AB (OMXS: BINV) today announced that it has signed an agreement to extend its existing collaboration with an undisclosed Japanese pharmaceutical group.
The extended collaboration comes as the Japanese company intends to take a lead candidate into preclinical development, within the area of inflammation. This lead candidate was discovered using BioInvent’s n-CoDeR antibody library. Under the extended agreement BioInvent will do stable cell line and process development and clinical manufacturing of the therapeutic candidate.
The partner will fund all development work performed by BioInvent. BioInvent will also continue to receive milestone payments and royalties upon successful development and commercialization.
The alliance was initiated in December 2008. Under the terms of that agreement, the two companies collaborated to develop of an antibody based drug sourced from Bioinvent’s n-CoDeR antibody library. The success of this collaboration in delivering a lead therapeutic candidate triggered earlier this year an undisclosed milestone payment to BioInvent.
Svein Mathisen, CEO of BioInvent, commented: “This collaboration has been very successful and we are happy to further strengthen and progress our partnership. The structure of this deal exemplifies BioInvents strength as a partner, not only providing a quality antibody discovery capability, but also support and expertise in product development and manufacture. BioInvent is a strong partner throughout the development process for therapeutic antibody drugs.”
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Notes to Editors:
About BioInvent
BioInvent International AB, listed on the NASDAQ OMX Stockholm (BINV), is a research-based pharmaceutical company that focuses on developing antibody drugs. The Company currently has four clinical development projects within the areas of thrombosis, cancer and atherosclerosis. The Company has signed various strategic alliances to strengthen the product pipeline and increase the likelihood of success. These partners include Genentech, Human Genome Sciences, Roche and ThromboGenics.
The company’s competitive position is underpinned by an in substance patented antibody development platform. The scope and strength of this platform is also utilised by partners, such as Bayer HealthCare, Daiichi Sankyo, Mitsubishi Tanabe, UCB and XOMA.
More information is available at www.bioinvent.com.
For further information, please contact:
BioInvent International AB
Svein Mathisen Cristina Glad
President & CEO Executive Vice President
Tel: +46 (0)46-286 85 67 Tel: +46 (0)46-286 85 51
Mobile: +46 (0)708-97 82 13 Mobile: +46 (0)708-16 85 70
E-mail: svein.mathisen@bioinvent.com E-mail: cristina.glad@bioinvent.com
College Hill (media enquiries)
Melanie Toyne Sewell, Anastasios Koutsos
Tel: +44 (0)20 7866 7856
Rebecca Skye Dietrich
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E-mail: bioinvent@collegehill.com
BioInvent International AB (publ)
Co. reg. No. 556537-7263,
Address: Sölvegatan 41
Mailing address: SE-223 70 LUND
Tel: +46 (0)46 286 85 50
info@bioinvent.com
www.bioinvent.com
Legal disclaimer
This press release contains statements about the future, consisting of subjective assumptions and forecasts for future scenarios. Predictions for the future only apply as of the date they are made and are, by their very nature, in the same way 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 10.50 a.m. CET, on 21 December, 2010.
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