BioInvent receives $3 million payment related to selection of antibodies under collaboration with Pfizer Inc.
LUND, Sweden, Dec. 23, 2020 /PRNewswire/ -- BioInvent International AB (OMXS: BINV ), a biotech company focused on the discovery and development of novel and first-in-class immune-modulatory antibodies for cancer immunotherapy, today announced that Pfizer Inc. ("Pfizer") (NYSE: PFE) has selected antibodies directed at a previously-selected target under the companies' cancer immunotherapy research collaboration and license agreement.
The agreement, into which the companies entered in December 2016, covers developing antibodies from BioInvent's proprietary F.I.R.S.TTM drug discovery platform targeting tumor-associated myeloid cells.
The selection of these antibodies triggers a payment from Pfizer to BioInvent of $3,000,000. BioInvent is eligible for further milestone payments from development of these antibodies and potential selection and development of further antibodies directed at the same target.
BioInvent's CEO Martin Welschof said: "Pfizer's selection of antibodies under our agreement is a great demonstration of the actionable leads generated by our drug discovery technology platform. We are very pleased with how our partnership is progressing and look forward to further strengthening our collaboration. Our F.I.R.S.TTM platform is a patient-centric approach, drawing on our high-quality n-CoDeR® antibody library to produce promising drug candidates, and we believe this partnership is an important validation of this technology."
BioInvent International AB (publ) (OMXS: BINV) is a clinical stage company that discovers and develops novel and first-in-class immuno-modulatory antibodies for cancer therapies, with four programs in clinical development. The Company's validated, proprietary F.I.R.S.TTM technology platform simultaneously identifies both targets and the antibodies that bind to them, generating many promising new drug candidates to fuel the Company's own clinical development pipeline or for additional licensing and partnering.
The Company generates revenues from research collaborations and license agreements with multiple top-tier pharmaceutical companies, as well as from producing antibodies for third parties in the Company's fully integrated manufacturing unit. More information is available at www.bioinvent.com.
For further information, please contact:
Martin Welschof, CEO
Mary-Ann Chang, LifeSci Advisors
+46 (0)46 286 85 50
+44 7483 284 853
BioInvent International AB (publ)
Co. Reg. No. Org nr: 556537-7263
Visiting address: Sölvegatan 41
Mailing address: 223 70 LUND
Phone: +46 (0)46 286 85 50
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 5.30 a.m. CET, on 23 December, 2020.
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Press release (PDF)