BioInvent International AB Annual General Meeting
Lund, Sweden 20 April 2010 - At BioInvent's Annual General Meeting on 20 April, CEO Svein Mathisen informed about the progress of the Company as a whole and within the individual projects. CEO Svein Mathisen described 2009 as a successful year for BioInvent in which the drug candidates made great progress and advanced in the value chain. The clinical phase II study of the anticoagulant TB-402 advanced in 2009 much faster than the Company originally had expected. In May 2009 a phase I study was concluded successfully in cooperation with the partner Genentech for the BI-204 drug candidate for the treatment of atherosclerosis. A clinical phase I study on patients with advanced cancer was concluded successfully in November 2009. The drug candidate, BI-505 for the treatment of multiple myeloma, also took a step forward when the clinical phase I study was initiated just after the year-end. In February 2010 BioInvent implemented a directed new issue of shares for a value of SEK 150 million. In March 2010 BioInvent entered into a product collaboration with Human Genome Sciences for the development and commercialisation of therapeutic antibodies. Svein Mathisen also described the reorganisation, announced earlier in the day.
The AGM voted in favour of adopting the income statements and balance sheets for the Group and the parent company. The AGM also decided that the loss of 2009, amounting to SEK -175,453,767, should be covered by a reduction of the statutory reserve by the same amount.
The AGM discharged the Board members and the President and CEO from liability and reelected the board members Karl Olof Borg, Carl Borrebaeck, Lars Ingelmark, Elisabeth Lindner, Svein Mathisen, Björn Nilsson and Kenth Petersson. In addition, Lars Backsell was newly elected as board member. Lars Henriksson had declined re-election. The AGM elected Karl Olof Borg to be Chairman of the Board.
The Board's fees were set at SEK 400,000 for the Chairman of the Board and SEK 160,000 for each of the other members of the Board not employed by the Company. In addition hereto, it was decided that SEK 50,000 shall be the fee for the Chairman of the Audit Committee and SEK 40,000 shall be the fee for each of the other members in the Audit Committee and SEK 20,000 shall be the fee for each of the members in the Remuneration Committee.
The AGM also resolved in accordance with the board's proposal to guidelines for remuneration of executive management.
For further information, please contact:
BioInvent International AB Svein Mathisen President & CEO Tel: +46 (0)46-286 85 67 Mobile: +46 (0)708-97 82 13 E-mail: [email protected]
Cristina Glad
Executive Vice President
Tel: +46 (0)46-286 85 51
Mobile: +46 (0)708-16 85 70
E-mail: [email protected]
College Hill (media enquiries) Katja Toon, Justine Lamond, Anastasios Koutsos Tel: +44 (0)20 7866 7857 E-mail: [email protected] Erik Clausen (US) Tel: +1 415-230-5385 E-mail: [email protected] 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 [email protected] www.bioinvent.com
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 around these product candidates and is developing them in collaboration with partners including Genentech, Roche and ThromboGenics.
These projects are based around a competitive and in substance patented antibody development platform.
The scope and strength of this platform is also utilised by partners, such as ALK-Abelló, Bayer HealthCare, Daiichi Sankyo, ImmunoGen, Mitsubishi Tanabe, OrbusNeich, UCB and XOMA.
More information is available at 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 6.10 p.m. CET, on 20 April, 2010.