Press release

Interim Report 1 January - 30 June 2010

- Phase II data presented in May shows that the antithrombotic effect of TB-402 is better than enoxaparin, the current standard treatment.   

- In May BioInvent and ThromboGenics achieved a milestone corresponding to EUR 10 million when development partner Roche launched a new clinical study with the product candidate TB-403. 

- Reorganisation will give greater focus on the company's proprietary drug development. Adapted manufacturing capacity to in house needs, reduces fixed costs by around SEK 15 million on an annual basis.

- In March BioInvent entered into a partnership with Human Genome Sciences to develop and commercialise therapeutic antibodies.

- A directed new share issue that raised SEK 150 million for the company before transaction costs was implemented in February.

- Net revenues for January - June 2010: SEK 63.1 million (47.1).

- Loss after tax for January - June 2010 amounted to SEK -60.7 million (-88.2) and the loss after tax per share was SEK -1.01 (-1.59). 

- Current investments together with cash and bank as of 30 June 2010: SEK 138.7 million, excluding share of milestone payments for TB-403 received in July, (150.5). 

- Cash flow from current operations and investment activities for January - June 2010: SEK -89.7 million (-61.9). 

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 and atherosclerosis.  

Comments by the CEO
BioInvent reached an important milestone when the results of a phase II trial of TB-402 following orthopaedic surgery, were reported in May. The data showed that TB-402 is statistically better at preventing thrombosis than enoxaparin, the current standard treatment. Supported by these good results, BioInvent and the company's partner, ThromboGenics, will now prioritise securing a development partner for the programme to ensure that the necessary resources is in place to take the product candidate to the market. Current treatment options with anticoagulants require daily dosing. The data we have presented reinforces our position that a product dosed once post surgery with a significant reduction in the incidence of blood clots, will provide significant advantages for both patients and healthcare providers. 

In the recent quarter our product candidate for the treatment of cancer, TB-403, also took an important step forward as our partner, Roche launched a new clinical study in patients with metastatic, treatment-refractory, colorectal and ovarian cancer. The start of this study resulted in that BioInvent and ThromboGenics together received EUR 10 million as a first milestone payment in the early clinical development phase. The drug candidate has potential to be developed into a treatment alternative for several cancers. We anticipate that Roche will launch additional studies in the early clinical development phase to explore these opportunities. 

Within our collaboration project, BI-204, with Genentech to treat atherosclerosis, the parties have now approved the design of the phase II trial. We expect the first patient to be included by the end of the year, or early first quarter next year. 

In addition to the successes within our clinical product portfolio, during the first half of the year we clearly demonstrated our ambition to invest in developing our own product portfolio. In March we signed an agreement with Human Genome Sciences with the objective to develop new drug candidates to treat inflammatory diseases. We also decided to tailor our process development and manufacturing resources to meet the needs of our proprietary drug projects. After this move the company will withdraw from the contract manufacturing market and focus our manufacturing capacity on our in house needs. We have proved that we can generate considerable value through our own projects and we are convinced that focusing even more on our drug portfolio will result in additional shareholder value. 

Lund, 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
Katja Toon, Justine Lamond, Anastasios Koutsos, tel. +44 (0)20 7866 7857, [email protected] ([email protected])
Erik Clausen (US), tel: +1 415-230-5385, [email protected] ([email protected])

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