LUND, Sweden, July 1, 2020 /PRNewswire/ -- BioInvent International AB ("BioInvent" or the "Company") (OMXS: BINV) today announces that it has further extended the research term under its cancer immunotherapy research collaboration and license agreement with Pfizer Inc. ("Pfizer") until the end of 2020.
In December 2016, the companies entered into the agreement for the development and commercialization of antibodies targeting tumor-associated myeloid cells discovered using BioInvent's proprietary F.I.R.S.TTM drug discovery platform. The purpose of the research extension is to permit the companies to further identify and characterize new targets and antibodies binding to these targets.
In 2019 Pfizer selected the first and second target under the agreement, which triggered two payments from Pfizer to BioInvent of $300,000. BioInvent may be eligible for further milestone payments from development of antibodies directed against these targets as well as from the selection of additional targets and the development of antibodies directed against those targets.
Martin Welschof, CEO of BioInvent, said: "We are pleased to extend BioInvent's long-running agreement with Pfizer which leverages our proprietary F.I.R.S.TTM technology platform and high-quality n-CoDeR
® antibody library. This extension provides Pfizer additional time to select optimal antibodies to their targets, as well as to explore more targets and corresponding antibodies. We look forward to continuing our successful collaboration with Pfizer."
BioInvent International AB (OMXS: BINV) is a clinical stage company that discovers and develops novel and first-in-class immuno-modulatory antibodies for cancer therapies, with two ongoing programs in Phase l/ll clinical trials for the treatment of hematological cancer and solid tumors, respectively. Two preclinical programs in solid tumors are expected to enter clinical trials by the end of 2020. The Company's validated, proprietary F.I.R.S.T™ 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.
BioInvent International AB (publ)
Co. Reg. No. Org nr: 556537-7263
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Mailing address: 223 70 LUND
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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.
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