The next generation biopharmaceuticals

Interim Report – January to June 2019

2019-08-23

Interim Report – January to June 2019

Affibody Medical AB (publ) (“Affibody” or “the Company”), a Swedish biotechcompany focused on developing next generation biopharmaceuticals based on its unique proprietary technology platforms: Affibody® molecules and Albumod™, today issued its Interim Report for the second quarter of 2019.


Financial Highlights

  • Revenue for the 2nd Quarter 2019 amounted to SEK 217.0 (36.9) m, and to 247.0 (59.5) m for the six-month period
  • Operating result for the quarter amounted to SEK 153.2 (-8.8) m, and to 128.3 (-45.8) m for the six-month period
  • Net result for the quarter amounted to SEK 147.6 (-8.7) m, and to 122.9 (-45.7) m for the six-month period
  • Cash flow for the quarter amounted to SEK 315.5 (-63.2) m, and to 326.1 (-54.6) m for the six-month period
  • Cash and cash equivalents at the end of the period amounted to SEK 417.1 (186.7) m.

Significant Events during the Reporting Period

  • The share issue was completed and fully subscribed in May and brought gross proceeds of SEK 147.4 m to the company.

Significant Events during the rest of the Year

  • In February 2019, the Phase 2 proof-of-concept study of ABY-035 for moderate-to-severe psoriasis completed enrollment of patients
  • An Extra General Meeting (EGM) was held on March 11, 2019 and resolved to initiate a process for a SEK 147m rights issue.
  • In March 2019, a partnership with Alexion Pharmaceuticals, Inc. to co-develop ABY-039, was announced. Under the terms of the agreement, Alexion will provide Affibody with an upfront payment of $25 million, with the potential for additional development- and sales-based milestones of up to $625 million and tiered low double-digit royalty payments. Alexion will lead joint clinical development of ABY-039 and commercialization activities. Affibody has the option to co-promote ABY-039 in the U.S. and will lead clinical development for an undisclosed indication.

Significant Events after the close of the Reporting Period

  • In July, 2019 the completion of the planned 12 week interim analysis in the Company’s Phase 2 proof-of-concept study of its bispecific molecule ABY-035 for moderate-to-severe psoriasis (“AFFIRM-35”) was announced.

Affibody is a private clinical-stage Swedish biotech company focused on developing into an integrated biopharma company utilizing next generation biotherapeutics based on its unique proprietary technology platforms: Affibody® molecules and Albumod™.

The company operates a focused experimental medicine model and currently has three clinical stage programs. The first two are therapeutic programs that target psoriasis and rare Immunoglobulin G (IgG)-mediated autoimmune diseases. The third program is a diagnostic imaging program that is directed primarily towards metastatic breast cancer.

In addition, to its portfolio of innovative drug projects the company offers the half-life extension technology, Albumod™, for outlicensing. Affibody AB is a holding of Patricia Industries. For more information on Affibody, please visit the company’s website at www.affibody.com

Affibody in short

Affibody is a Swedish biotech company focused on developing next generation biopharmaceuticals based on its unique proprietary technology platforms: Affibody® molecules and Albumod™.

Upcoming reports Financial calendar

  • Interim Report Q3 (Nov. 15, 2019)