Interim Report – January to June 2016

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 Interim Report for the second quarter 2016.

Financial Highlights

• Revenue for the 2nd Quarter 2016 was SEK 33.6 (16.1) million, and for the six month period 54.6 (35.0) million.
• Operating result for the quarter amounted to SEK 9.2 (-4.7) million, and for the six month period to -2.3 (-1.9) million. 
• EBITDA for the quarter amounted to SEK 9.3 (-4.6) million, and for the six month period to -2.0 (-1.6) million.
• Net result for the quarter amounted to SEK 9.4 (-4.9) million, and for the six month period to -2.3 (-2.0) million.
• Cash flow for the quarter was SEK 105.0 (-23.3) m, and for the six month period 125.2 (-29.3) million.
• Cash and cash equivalents at the end of the period amounted to SEK 132.3 (6.6) million. Considering changes in payment terms, the comparable number in 2016 was SEK 165.4 million.

Significant events during the quarter

• On May 4, 2016 the dose-escalation part of a Phase I study of ABY-035, which is the company’s proprietary psoriasis program , was completed and that initial results confirm the compound to be safe and well-tolerated across all doses in healthy volunteers.
• On April 22, 2016 Sobi signed a licensing agreement for the development of novel treatments for inflammatory diseases where interleukin-1 (IL-1) is involved, based on Affibody’s proprietary technology.
• On April 13, 2016 we signed a Feasibility Study and Product Option Agreement with an unnamed partner related to the therapeutic use of our proprietary cancer targeting Affibody® molecules.
• On April 12, 2016 we signed a Research License and Product Option Agreement with an unnamed partner related to the therapeutic use of our proprietary IL-17 targeting Affibody® molecules in ophthalmology indications.
• The rights issue of shares, resolved at the EGM on March 14, 2016 was fully subscribed for, resulting in the issuance of 2 750 787 shares with corresponding gross proceeds of SEK 129 286 989.

Other significant events during 2016

• Extra General Meeting (EGM) held on March 14, resolved to initiate a SEK 129 m rights issue.