Press release

BioInvent Interim Report 1 January - 31 March 2011

·  First patient dosed in Phase II study of BioInvent's cardiovascular drug, BI-204.
  BioInvent received a milestone payment of USD 15 million from Genentech.

  · Development partner Roche has initiated a Phase lb clinical study with the product  candidate TB-403 (RG7334) in patients with hepatocellular cancer. A phase Ib/II study in patients with glioblastoma multiforme is expected to start shortly.

  · Positive TB-402 (Anti-Factor VIII Antibody) Phase II Data Published in February in Journal of Thrombosis and Haemostasis.

  · Net revenues for January - March 2011: SEK 97.4 million (15.1).

  ·  Profit for January - March 2011 amounted to SEK 59.1 million (-37.9) and the profit per share was SEK 0.97 (-0.65).

  ·  Current investments, cash and bank as of 31 March 2011 together with milestone payment for BI-204 received in April amounted to SEK 161.9 million.

  ·  Cash flow from current operations and investment activities for January - March 2011: SEK -38.3 million (-49.3). The positive effect on cash flow of the milestone payment for BI-204 received in April will arise in the second quarter of 2011. 

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
In March we announced that the first patient had been dosed in the phase II programme with the drug candidate BI-204 for the treatment of atherosclerosis. The start of the study triggered a milestone payment of USD 15 million from our partner Genentech. Success in this programme is important from two perspectives: First, the study is designed to demonstrate a reduction in inflammation in the blood vessel walls after treatment with BI-204. This is expected to be an important factor in preventing new cardiovascular events in patients with acute coronary artery disease. Second, milestone payments from our partners are an important part of our financial plan.

In the clinical study of BI-505 on patients with multiple myeloma, dosing of patients in dose cohort eight of the planned nine cohorts is now under way. Our partner Roche has started a phase Ib study of TB-403 in patients with primary liver cancer. In another clinical study, a phase Ib/II study on patients with an aggressive form of brain tumour (glioblastoma multiforme), the first patient is expected to be dosed soon. The next study of TB-402 for the prevention of blood clots is a phase IIb study on patients undergoing hip replacement surgery. This study is expected to start in the second quarter of this year.

We are expecting important data from all of these studies over the next two years. The results from the BI-505 project are expected already in the second half of this year, followed by data from the phase II BI-204 programme in the first half of next year. Results from the clinical studies for TB-402 and TB-403 will then follow. All results will be important for the assessment of the commercial potential of the projects.

In April we announced that we had recruited Sten Westerberg to the new position of Vice President Investor Relations. Sten has many years of experience as pharmaceutical analyst and will strengthen our organisation with respect to communication with the capital markets and other external groups.

Svein Mathisen

Contact
Any questions regarding this report will be answered by:

BioInvent International AB (publ.)
Svein Mathisen, President & CEO, tel.+46 (0)46 286 85 67, mobile +46 (0)708 97 82 13
Cristina Glad, Executive Vice President, tel. +46 (0)46 286 85 51, mobile +46 (0)708 16 85 70.

College Hill
Melanie Toyne Sewell, Anastasios Koutsos, tel. +44 (0)20 7866 7856, [email protected] ([email protected])
Rebecca Skye Dietrich, tel: +1 857 241-0795.

The report is also available at www.bioinvent.com (http://www.bioinvent.com/)