BioInvent International has penned an extended deal with one of its major pharma clients (the name of which is not being disclosed) for one of the company’s key products.
The deal is expected to see the Swedish antibody manufacturer, which has several I/O candidates, gain a SEK8 million ($930,000) boost in revenue.
Michael Oredsson, president and CEO of BioInvent, said: “We are pleased that we have been contracted to provide additional manufacturing services to this major global pharmaceutical client.
“The extension of our relationship reflects BioInvent’s world-leading expertise in antibody production based around our cGMP-certified facilities, which meet EU and standards. This new agreement is expected to generate about SEK 8 million in revenue, with the majority occurring in 2016.”
This builds on the firm’s recent resolve to boost its ability to produce antibodies on its own after it stumped up more cash for its single use bioreactor.
The company said in a statement that this will “benefit the development of our internal projects, and will also generate revenue from external companies.”
Its current facility creates antibodies for its clients’ research and trials up to Phase III testing. Its portfolio contains a number of programs aiming to treat different severe forms of cancer using its immuno-oncology antibodies.
This includes candidates for multiple myeloma, medulloblastoma, chronic lymphatic leukemia and non-Hodgkin lymphoma.
The company, which has a market cap of $607 million and trades on the Stockholm Stock Exchange, was up 1% this morning after having a downward trend for the past two weeks.
In July, the company released its interim half-year report showing net sales for January-June 2016 amounted to SEK40 million, although after tax this turned out to be a loss of: SEK27 million.