LUND, Sweden--(BUSINESS WIRE)--Regulatory News:
BioInvent International (OMXS: BINV) announces that its partnership with a leading U.S. biotechnology company advances to next phase. The collaboration aims to discover novel therapeutic antibodies to be incorporated into the U.S. company’s CAR-T programs.
The unnamed biotech company signed earlier this year a license to get access to BioInvent's unique ability to discover antibodies with the antibody library n-CoDeR®. The first of up to three targets covered by the agreement has now been identified and the work to develop appropriate antibodies can thus be initiated.
Under the license agreement BioInvent may receive revenue in the form of potential clinical milestone payments and royalties on future sales of any product developed as a result of the collaboration. In addition, BioInvent is in the early phase of the collaboration entitled to limited compensation for the work to identify antibodies against the first target.
“We are excited to start the identification of appropriate antibodies using our unique technology platform. We are delighted to be partnering with one of the world’s most innovative biotechnology companies on a project of such potential significance.” stated Michael Oredsson, CEO of BioInvent.
This kind of agreement allow us to further strengthen BioInvent's prominent position within the immuno-oncology field and to use our n-CoDeR® library in new clinical applications. At the same time it contributes to offset costs relating to our internal development of innovative antibody-based cancer drugs", concluded Michael Oredsson.
CAR-Ts are T cells that have been removed from the body and attached through genetic engineering to an antibody fragment that recognizes a specific tumor protein. The result is a cancer immunotherapy drug with the killing power of a greatly enhanced T cell, combined with the tumor-targeting ability of an antibody.
To the editors:
BioInvent International AB is a research-based pharmaceutical company focused on the 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.T.TM, and the antibody library, n-CoDeR®, are two patented tools that enable identification of relevant human antibodies and disease targets during the discovery phase. BioInvent has also considerable experience in and a facility for process development and production of antibodies for clinical studies. 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 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 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 8.40 a.m. CET, on 17 June, 2015.
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