Copenhagen and Oslo, 1st July, 2012, 2012-07-01 19:11 CEST (GLOBE NEWSWIRE) -- Affitech A/S, (NASDAQ OMX: AFFI), the antibody medicines company, announced today that International Biotech Center Generium (IBC Generium) and Affitech Research AS (Affitech A/S’ Norwegian subsidiary), have entered into an agreement for the transfer of Molecular Based Antibody Screening (MBASTM) technology to IBC Generium. This new agreement strengthens the collaboration between the companies and provides to IBC Generium access to parts of Affitech’s antibody technology platform. The agreement includes the transfer of MBASTM technology as well as the access to Affitech’s phage antibody libraries.
As part of the agreement, Affitech will receive an up-front payment upon signature, a payment upon successful transfer of the technology and annual license fees. If products are isolated using the MBASTM technology platform, Affitech will be entitled to receive milestone payments and royalties. Under this agreement, Affitech expects to obtain revenues of 0.5 million euros in 2012.
IBC Generium is controlled by Aleksandr Shuster and Victor Kharitonin, who through Trans Nova Investments Ltd. are majority shareholders in Affitech A/S. Aleksandr Shuster is the Chairman of Affitech A/S.
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
