Release no 34/2010
Affitech A/S, (NASDAQ OMX: AFFI), the antibody medicines company, today
announced the results for the first three quarters of 2010. In the first nine
months of 2010 Affitech A/S generated a loss of DKK 51.2 million and revenues of
DKK 2.4 million. Affitech A/S had cash of DKK 99 million as of 30th September
2010 and expects a net loss for 2010 in the range of DKK 75-80 million.
Affitech A/S develops fully human antibodies addressing unmet medical needs in
cancer and serious inflammatory conditions. The Company is developing
competitive products aimed at targets of known clinical and commercial value and
is also discovering novel antibody drug candidates to new and potentially
important targets for patients with chronic or life threatening illnesses. The
Company's initial focus is on rapid and cost effective development by partnering
clinical trials in emerging markets.
Affitech's main and immediate priorities are
- To complete pre-clinical development of AT001/r84 by mid 2011 and to file a
Clinical Trial Application in Russia in 2011
- Also in 2011 to complete pre-clinical testing of a panel of therapeutic
candidate drugs in the AT008 programme targeting CCR4
- To improve the efficiency and effectiveness of the Company's unique CBASTM
technology platform for generating new antibodies
- To enter into new strategic alliances in the BRIC countries or other
emerging markets in 2011
Highlights in the third quarter 2010
- Fully human antibody AT001/r84 with anti-angiogenesis as main indication was
progressed into pre-clinical development and pre-clinical data on AT001/r84 was
published showing potent activity on tumours with limited induction of side
effects in mice. A Phase 1 clinical trial in Russia is planned in 2011
- CCR4 specific drug candidates in the AT008 programme are in pre-clinical
testing
- Affitech and its partner Peregrine Pharmaceuticals, Inc agreed to amend
certain terms of their worldwide license agreements for Brazil, Russia and
other countries of the Commonwealth of Independent States (CIS) to
expedite the development of the fully human antibody AT001/r84 for these
territories
- Affitech secured bio manufacturing services with Avid Bioservices, a wholly
owned subsidiary of Peregrine Pharmaceuticals, Inc to supply clinical material
to Affitech over the coming year. This is an important step to ensure the
initiation of clinical trials for AT001/r84 in 2011 as planned
- Affitech completed a transaction on its S2 technology with Expres2ion
Biotechnology ApS which is a further step in sharpening Affitechs strategic
focus on discovery and development of human therapeutic antibodies and allowing
Affitech to benefit from independent value creation from the S2 technology
platform as shareholder in Expres2ion Biotechnology ApS.
Martin Welschof, Managing Director of Affitech A/S commented on the interim
report:
“I am pleased to report that the Company has recently made significant progress.
In the third quarter of 2010 we achieved all the goals in our development
programme as originally planned. We published preclinical results for our novel
anti-VEGF antibody (AT001/r84) that confirm and support our expectations and
plan to enter into initial clinical trials in 2011. This is an exciting new
product in the field of cancer and a potential competitor to
Avastin®/bevacizumab, a drug that commands a world wide market of over $5
billion. In parallel, our first anti-GPCR programme targeting CCR4 (AT008),
another anti-cancer target, has moved into preclinical testing and we have also
made good progress in identifying further GPCR antibodies using our proprietary
CBASTM technology. Affitech is emerging as a new commercial player in the
antibody field and the Company's future looks very promising.”
For more information please contact:
Affitech A/S:
Randi Krogsgaard, Corporate Communications & IR
Tel # +45 2320 1001
About Affitech
Affitech AS is a publicly traded (NASDAQ OMX Copenhagen exchange) human
therapeutic antibody company located in Copenhagen, Denmark with R&D facilities
in Oslo, Norway. The company utilizes a range of proprietary antibody
technologies for the discovery of fully human antibodies for application in
oncology, inflammation and other disease areas. CBAS™ (Cell Based Antibody
Selection) is Affitechs premier discovery engine for the isolation of lead
antibodies to cell surface molecules in situ. Several of the Company's
proprietary product candidates were generated by CBAS™. Further information is
available at www.affitech.com.
Disclaimer
This news release contains forward-looking statements and forecasts
based on uncertainty, since they relate to events and depend on circumstances
that will occur in the future and which, by their nature, will have an impact on
results of the financial condition and operations of Affitech A/S. There are
many factors that could cause actual results and developments to differ
materially from those expressed or implied by these forward-looking statements
and forecasts. These factors include, among other things, risks associated with
technological development, the risk that research & development will not yield
new products that achieve commercial success, the impact of competition, the
ability to transact viable and profitable commercial deals, the risk of
non-approval of patents not yet granted, and difficulties of obtaining relevant
governmental approvals for new products.
No expressed or implied representations or warranties are given concerning
Affitech A/S or the accuracy or completeness of the information provided herein,
and no claims shall be made by the recipient of this news release by virtue of
the information contained herein.
This is an English translation of the Group's first nine months announcement for
2010 made in Danish. In case of any discrepancies between the Danish version and
this English translation thereof, the Danish version shall prevail.
