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BioInvent Interim Report 1 January – 30 June 2011

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  • A private placement of SEK 136 million before transaction costs was completed in June at a share price of SEK 22.30. About twenty investors, mainly institutions, participated with the majority of the new shares subscribed by international investors.
     
  • In May Roche initiated a phase Ib/II study with drug candidate TB-403 (RG7334) in patients with glioblastoma multiforme. BioInvent and its partner Thrombogenics received EUR 4 million in a milestone payment from Roche. In March Roche initiated a phase Ib study in patients with primary liver cancer.
     
  • First patient in a phase IIb study with TB-402 after hip surgery was dosed in April. Results of a previous phase II study in knee surgery were published in February in Journal of Thrombosis and Haemostasis. In this study, TB-402 showed superior antithrombotic activity over the current standard treatment, enoxaparin.
     
  • First patient dosed in March in phase II study of BioInvent’s cardiovascular drug, BI-204. BioInvent received a milestone payment of USD 15 million from Genentech.
     
  • Net revenues for January - June 2011: SEK 115.6 million (63.1). Profit for January – June 2011 amounted to SEK 27.8 million (-60.7) and the profit per share was SEK 0.45 (-1.01).
     
  • Current investments together with cash and bank as of 30 June 2011: SEK 253.7 million (138.7). Cash flow from current operations and investment activities for January – June 2011: SEK 19.4 million (-89.7).

BioInvent is a research-based pharmaceutical company that focuses on developing antibody drugs. The Company is currently running innovative drug projects mainly within the areas of thrombosis, cancer, atherosclerosis and inflammation.

Comments by the CEO
During the first half of this year, we have initiated two phase II studies in cooperation with our partners. This marks the beginning of a new and pivotal period for BioInvent. Together with other on-going clinical studies, we hope to see these innovative projects generating substantial shareholder return over the next 18 months.

One purpose of the private placement in early June was to secure financing of the clinical programs and help us get beyond critical data points lying ahead of us. This private placement was launched in a difficult stock market environment but I am convinced that the improved financial position will over a longer term allow us to carry out our clinical program with even better prospects for shareholder return.

We also managed to broaden the international investor base with several well-regarded names. Our business is highly global including important alliances with a number of international pharmaceutical companies. In this respect, a larger international shareholder base and an improved international attention to our share is a prerequisite for consolidating and further improve our business.

Svein Mathisen


BioInvent International AB (publ.)
Svein Mathisen, President & CEO, tel.+46 (0)46 286 85 67, mobile +46 (0)708 97 82 13
Sten Westerberg, Vice President, Investor Relations, tel. +46 (0)46 286 85 52, mobile +46 (0)768 68 50 09.

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