LUND, Sweden--(BUSINESS WIRE)--Regulatory News:
BioInvent International (STO:BINV) today announced that it has received another milestone payment from Bayer Pharma AG (Bayer) as the first patient was enrolled in a Phase I clinical trial of a second antibody identified from BioInvent’s n-CoDeR® library. The size of the milestone payment was not disclosed. This is the third milestone payment during the summer of 2014 received from international pharmaceutical companies, linked to success in the development of different antibodies from n-CoDeR®.
“Our international pharmaceutical partners currently conduct more than 20 projects where Bioinvent has the opportunity to receive milestone payments and royalties on sales. Bayer's progress in the development of drugs based on antibodies from n-CoDeR® is further evidence of the commercial viability of our technology.” says Michael Oredsson, CEO of BioInvent.
To the editors:
BioInvent International AB is a research-based pharmaceutical company focused on discovery and development of innovative antibody-based drugs against cancer.
The company has unique expertise in antibody drug development from initial concept to late clinical phase. The screening tool F.I.R.S.TTM and the antibody library n-CoDeR® 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 new drugs, and provide BioInvent with the right to milestone payments and royalties on sales. These partners include Bayer Pharma, Daiichi Sankyo, Mitsubishi Tanabe Pharma, Servier, and Xoma. More information is available at www.bioinvent.com.
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 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 Financial Instruments Trading Act. The information was submitted for publication at 8.40 a.m. CET, on 11 September, 2014.
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