Press release

BioInvent Interim Report 1 January - 30 September 2017

BioInvent expands the development program for BI-1206 with a new clinical trial

Third quarter 2017, July - September

• Net sales amounted to SEK 7.1 (0.8) million.
• Earnings after tax: SEK -21 (-29) million.
• Earnings after tax per share before and after dilution: -0.07 (-0.10) SEK.
• Cash flow from operating activities and investment activities: SEK -30 (-28) million.

Nine-month report 2017, January - September

• Net sales amounted to SEK 31 (40) million.
• Earnings after tax: SEK -67 (-55) million.
• Earnings after tax per share before and after dilution: SEK -0.22 (-0.23).
• Cash flow from operating activities and investment activities: SEK -64 (-54) million. Liquid funds as of 30 September 2017: SEK 163 (196) million.

Important events in the third quarter and after the reporting period

• BioInvent and ThromboGenics NV announced in July 2017 that they have agreed to amend their long-standing agreement, which covers the co-development of the novel PlGF monoclonal antibody products TB-403 and THR-317. The revisions to the existing agreement are aligned with each company’s strategic ambitions and therapeutic focus.
• In September 2017 BioInvent announced the Japanese patent office’s decision that the company’s first patent application relating to the immune-oncology antibody BI-1206 can proceed to grant. This patent is important since it covers the use of the company’s drug candidate BI-1206, and similar CD32b antibodies, in combination with a CD19 or CD20 antibody, such as rituximab, in the treatment of cancer or inflammatory diseases in certain groups of patients.
• BioInvent announced in October 2017 that Michael Oredsson will resign as CEO of BioInvent 31 December 2017. Michael took office as CEO of BioInvent in 2013 to restructure the company and refocus on oncology. Now, both the board and Michael believe that it is a good time for a change in leadership, as the company is transitioning to a specific focus on clinical development and R&D.

Comments from the CEO
“During the third quarter of 2017, BioInvent has initiated preparations for a clinical trial with BI-1206 in combination with rituximab to investigate its potential as a treatment of relapsing, aggressive forms of Non-Hodgkin Lymphoma and indolent lymphomas. Our hypothesis is that BI-1206 can prevent the development of resistance to rituximab, which is today the standard-of-care treatment of these patient categories. A positive outcome of this trial, which is planned to start in H1 2018, would further increase the commercial attractiveness of our unique antibody BI-1206. The new study will give BioInvent an opportunity to more rapidly investigate the safety of the combined treatment as well as early signs of patient response.

We are also pleased to have further strengthened our managment team by welcoming Dr. Andres McAllister as our new Chief Medical Officer. Andres is a Doctor in Medicine and Surgery from the Universidad del Rosario, and holds a PhD from the Pasteur Institut/Université Paris. He has perfomed academic work at the Pasteur Institut and the University of California San Francisco on cancer immunotherapy. Andres joins BioInvent from a position as Chief Scientific Officer at Debiopharm, and has previously held senior roles at IDM and BioMérieux/Pierre Fabre.

The Company has announced that I will resign as CEO of BioInvent 31 December 2017. The challenges of a biotech company are many, but with highly skilled and devoted employees, my work has been both rewarding and stimulating. It has been a privilege to lead the BioInvent organization, but the company now needs more scientific skills in the CEO role. I will of course continue to follow the company closely,” said Michael Oredsson, CEO of BioInvent.

Contact
Any questions regarding this report will be answered by Michael Oredsson, CEO, phone +46 (0)46 286 85 67, mobile +46 (0)707 18 89 30. The report is also available at www.bioinvent.com

 
This information is information that BioInvent International AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 8.30 a.m. CET, on 26 October, 2017.