Copenhagen and Oslo, 31st August, 2011, 2011-08-31 17:00 CEST (GLOBE NEWSWIRE) --
- First payment of DKK 18.6m received under Russian strategic alliance
- AT001/r84 GMP manufacturing completed for clinical trials
- AT008/anti CCR4 development candidate identified
- Affitech generated human antibody LC06 targeting angiopoietin-2 combined with Avastin® in Roche’s bi-specific antibody program
- Net loss for the first six months DKK 32 million
- Cash reserves of DKK 37 million as per 30th June 2011
- Unchanged estimated net loss for 2011 of DKK 50-60 million
- Danish High Court found in favor of Affitech in minority shareholder case
Affitech A/S, (NASDAQ OMX: AFFI), the antibody medicines company, today announced that in the second quarter of 2011 the Company received its first payment under the Russian Strategic alliance, and that its two most advanced research and development programs continue to make strong progress. The Company generated a loss for the period of DKK 32 million. Affitech had cash of DKK 37 million as of 30th June 2011.
Martin Welschof, Managing Director of Affitech A/S commented on the interim report:
“I am very pleased that in the first six months of 2011 Affitech continued to make significant progress. It was a major milestone for the Company when our Russian partner IBC Generium exercised the license for AT001/r84 in June 2011 and thereby confirmed their confidence in our lead antibody therapeutic program. We expect further material revenues from license fees and milestone payments from the cooperation with IBC Generium over the remaining part of 2011. We share with IBC Generium the excitement about the clinical and commercial potential of our human anti-VEGF antibody AT001/r84 and we are currently finalizing the Investigational New Drug enabling package for the clinical trial application in Russia.”
About Affitech
Affitech A/S is a publicly traded (NASDAQ OMX Copenhagen) human therapeutic antibody company based 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 Affitech’s premier discovery engine for the isolation of lead antibodies to cell surface molecules. Affitech co-develops its two lead antibody drug programs AT001/r84 and AT008/CCR4 with Russian partner IBC Generium. The Company’s initial focus is on rapid and cost effective development by partnering clinical trials in emerging markets. Further information is available at www.affitech.com.
Disclaimer
This announcement may contain forward-looking statements including statements about Affitech’s expectations of the progression of its pipeline including the timing for commencement and completion of clinical trials and with respect to cash burn guidance. Such statements are based on management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Affitech cautions investors that there can be no assurance that actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors, including, but not limited to, the following: 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.
Contact:
Randi Krogsgaard, Director IR & Corporate Communications
Tel # +45 2320 1001, e-mail: ir@affitech.com
