Copenhagen and Oslo, 28 November, 2011, 2011-11-28 13:27 CET (GLOBE NEWSWIRE) -- Affitech A/S, (NASDAQ OMX: AFFI), the antibody medicines company, announced today that IBC Generium has exercised the license to Affitech’s AT008 anti-CCR4 antibody program. The license grant involves a payment of Euro 2 million by IBC Generium to Affitech A/S and provides IBC Generium with the exclusive rights to develop and market anti-GPCR antibodies under the AT008 program in Russia and CIS while Affitech maintains the rights for the rest of the world.
General Manager of Affitech, Martin Welschof said: “We have made good progress with our anti-CCR4 program AT008. We are very pleased that our Russian partner IBC Generium has now exercised the license for AT008, which one of the two antibody drug programs included in our research, development and license agreement. Earlier this year IBC Generium exercised the license for the anti-VEGF antibody AT001/r84.”
The AT008 antibody program comprises novel, proprietary therapeutic antibodies directed against CCR4, an important G-protein coupled receptor (“GPCR”) on the surface of many cancer cells and cells of the immune system. The AT008 program includes several different antibodies with multiple potential mechanisms of action targeting a variety of cancers including hematological cancers.
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
