Focusing resources on BI-204 and new cancer projects
LUND, Sweden--Regulatory News:
BioInvent International AB (STO:BINV)(OMXS: BINV) announces today that the company has decided to initiate negotiations with trade unions regarding organisational changes. The decision is due to the fact that development of the antithrombotic agent TB‑402 has been stopped. The company's resources will therefore be reprioritised to focus on the continued development of BI‑204 for the treatment of acute coronary artery disease and new and existing cancer projects such as BI‑505.
The new organisation is planned to have 68 full-time employees compared with the current 89. The reduction in work force and other reprioritisations are expected to result in cost savings of around SEK 15 million on a full-year basis, fully effective from January 2013.
Svein Mathisen, President and CEO of BioInvent, comments: "We regret the fact that the changes in our organisation will impact a number of our employees, but consider it necessary to take better advantage of the opportunities provided by positive study data later this year. We are now focusing our resources on the most promising projects, for which we expect to present study results in two of the most advanced projects during the forthcoming quarter.
We will also strengthen the company as a trustworthy partner for companies using our technology to develop proprietary antibody drugs. We have important revenues from these collaborations today - revenues which are expected to increase as our partners bring the product candidates forward through the development chain.
The combined project portfolio with proprietary projects and with projects run by our partners provides a solid foundation for long term growth and to create shareholder value."
The company has initiated negotiations in accordance with the Swedish Co-Determination Act in respect of the planned personnel changes. Once negotiations are complete, a final decision will be taken on the relevant organisational and personnel matters.
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To the editors:
BioInvent International AB, listed on the NASDAQ OMX Stockholm (BINV), is a research-based pharmaceutical company that focuses on developing antibody drugs. The Company currently has clinical development projects within the areas of cancer and atherosclerosis. The Company has signed various strategic alliances to strengthen the product pipeline and increase the likelihood of success. These partners include Genentech, Human Genome Sciences and ThromboGenics.
The company's competitive position is underpinned by n-CoDeR®, a proprietary antibody development platform. The scope and strength of this platform is also utilised by partners, such as Bayer HealthCare, Daiichi Sankyo, Mitsubishi Tanabe and Servier. More information is available at www.bioinvent.com.
BioInvent International AB (publ)
Co. reg. No. 556537-7263,
Visiting address: Sölvegatan 41
Mailing address: SE-223 70 LUND
Phone: +46 (0)46 286 85 50