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Interim Report – January to June 2015

Pressmeddelande   •   Aug 21, 2015 09:05 CEST

Affibody Medical AB (publ) (“Affibody” or “the Company”), a Swedish biotech company focused on developing next generation biopharmaceuticals based on its unique proprietary technology platforms: Affibody® molecules and Albumod™, today issued its its Interim Report for the second quarter 2015. 

Financial Highlights

  • Revenue for the 2nd quarter 2015 was SEK 16.1 (12.0) million, and for the six month period 35.0 (21.9) million
  • Operating result for the quarter amounted to SEK -4.7 (-0.8) million, and for the six month period -1.9 (-3.7) million
  • EBITDA for the quarter amounted to SEK -4.6 (-0.7) million, and for the six month period -1.6 (-3.4) million
  • Net result for the quarter amounted to SEK -4.9 (-1.2) million, and for the six month period -2.0 (-4.3) million
  • Cash flow for the quarter was SEK -23.3 (-1.8) million, and for the six month period -29.3 (-3.7) million
  • Cash and cash equivalents at the end of the period amounted to SEK 6.6 (29.4) million

Significant events during the second quarter

  • A clinical study involving the PET imaging agent ABY-025, based on an Affibody® molecule that binds strongly to HER2, was presented at American Society of Clinical Oncology (ASCO) and highlighted that many women may receive wrong HER2 therapy
  • Biotest AG and Affibody AB announced that the companies have signed a Research License and Option Agreement regarding the use of Affibody’s proprietary Albumod™ platform, which is designed to enhance the efficacy of biopharmaceuticals by extending their circulatory half-life, with compounds from Biotest’s portfolio of proprietary molecules
  • An Annual General Meeting on June 23 re-elected Håkan Åström, Jakob Lindberg, Mathias Uhlén and Jonathan Knowles as Directors of the Board

Other significant events during 2015

  • The ongoing work with our proprietary programs have intensified during 2015 and are developing well
  • Strong development of revenues during the quarter, mainly driven by a very positive development of royalties
  • Financial costs have been reduced while the payment terms related to royalties from a product have been extended, thus the underlying cash and cash equivalents at the end of the six month period amounted to SEK 30.6 (29.4) million

Significant events after the end of the period

  • In July, Sobi announced that they have terminated further development of SOBI002 based on the final evaluation of their Phase 1 trial

Affibody is a Swedish biotech company focused on developing next generation biopharmaceuticals based on its unique proprietary technology platforms: Affibody® molecules and Albumod™.

Affibody is developing a portfolio of innovative drug projects and, in addition, offers the half-life extension technology, Albumod™, for outlicensing.

Affibody has ongoing commercial relationships with several companies including Algeta, Amylin, Biotest, Sobi, GE, Daiichi-Sankyo, Daewoong and Thermo Fisher.

Affibody was founded in 1998 by researchers from the Royal Institute of Technology and the Karolinska Institute and is based in Stockholm, Sweden.

Further information can be found at: www.affibody.com

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