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 first quarter of 2019.
- Revenue for the quarter amounted to SEK 30.0 (22.5) m
- Operating result for the quarter amounted to SEK -24.9 (-37.0) m
- Net result for the quarter amounted to SEK -24.7 (-37.0) m
- Cash flow for the quarter amounted to SEK 10.7 (8.6) m
- Cash and cash equivalents at the end of the period amounted to SEK 101.6 (249.9) m.
Significant Events during the Reporting Period
- In February 2019, the Phase 2 proof-of-concept study of ABY-035 for moderate-to-severe psoriasis completed enrollment of patients
- An Extra General Meeting (EGM) was held on March 11, 2019 and resolved to initiate a process for a SEK 147 m rights issue.
- In March 2019, a partnership with Alexion Pharmaceuticals, Inc. to co-develop ABY-039, currently in a Phase I proof-of-principle study in the UK, was announced. Under the terms of the agreement, Alexion will provide Affibody with an upfront payment of $25 million, with the potential for additional development- and sales-based milestones of up to $625 million and tiered low double-digit royalty payments. Alexion will lead joint clinical development of ABY-039 and commercialization activities. Affibody has the option to co-promote ABY-039 in the U.S. and will lead clinical development for an undisclosed indication.
Significant Events after the close of the Reporting Period
- The share issue was completed in May and brought gross proceeds of SEK 147.4 m to the company.
Affibody is a private clinical-stage Swedish biotech company focused on developing into an integrated biopharma company utilizing next generation biotherapeutics based on its unique proprietary technology platforms: Affibody® molecules and Albumod™.
The company operates a focused experimental medicine model and currently has three clinical stage programs. The first two are therapeutic programs that target psoriasis and rare Immunoglobulin G (IgG)-mediated autoimmune diseases. The third program is a diagnostic imaging program that is directed primarily towards metastatic breast cancer.
In addition, to its portfolio of innovative drug projects the company offers the half-life extension technology, Albumod™, for outlicensing. Affibody AB is a holding of Patricia Industries. For more information on Affibody, please visit the company’s website at www.affibody.com