BioInvent Receives EUR0.75 Million Milestone Under Mitsubishi Tanabe Pharma Partnership
LUND, Sweden, April 26, 2019 /PRNewswire/ -- BioInvent International AB (OMXS: BINV) announced today that it has received a €0.75 million milestone payment under its collaboration with Mitsubishi Tanabe Pharma Corporation in connection with enrollment of the first patient in a Phase II clinical trial of an antibody identified from BioInvent's proprietary n-CoDeR® antibody library.
The license agreement with Mitsubishi Tanabe Pharma covers development of antibodies from the n-CoDeR® antibody library.
"It is very satisfying to see that our high quality recombinant human antibody library n-CoDeR® is not only delivering candidates for BioInvent's proprietary programs, but is also proving beneficial for our partners in developing their own pipeline," said BioInvent CEO Martin Welschof.
Under the terms of the agreement, payments are due to BioInvent when certain clinical milestones are achieved and royalty payments are due when a product is sold on the market. Enrollment of a first patient in a Phase II clinical trial is a milestone that triggers a payment to BioInvent.
BioInvent International AB (OMXS: BINV) is focused on the discovery and development of novel and first-in-class immuno-modulatory antibodies to treat cancer. The Company's lead program BI-1206, is currently in Phase l/ll for non-Hodgkin lymphoma and chronic lymphatic leukemia. BioInvent's pre-clinical portfolio is focused on targeting key immune suppressive cells and pathways of the tumor microenvironment, including regulatory T cells, tumor-associated myeloid cells and mechanisms of antibody drug-resistance. The Company has a strategic research collaboration with Pfizer Inc., and partnerships with Transgene, Bayer Pharma, Daiichi Sankyo, and Mitsubishi Tanabe Pharma. BioInvent generates near term revenues from its fully integrated manufacturing unit producing antibodies for third parties for research through to late-stage clinical trials. More information is available at www.bioinvent.com.
For further information, please contact:
Martin Welschof, CEO
Hans Herklots, LifeSci Advisors
BioInvent International AB (publ)
Co. Reg. No. Org nr: 556537-7263
Visiting address: Sölvegatan 41
Mailing address: 223 70 LUND
The press release contains statements about the future, consisting of subjective assumptions and forecasts for future scenarios. Predictions for the future only apply as the date they are made and are, by their very nature, in the same way as research and development work in the biotech segment, associated with risk and uncertainty. With this in mind, the actual outcome may deviate significantly from the scenarios described in this press release.
This information is information that BioInvent International AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 8.40 a.m. CET, on 26 april, 2019.
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Press release (PDF)