Year End Report 2018
February 21, 2019
Affibody Medical AB (publ) (“Affibody” or “the Company”), a Swedish biotech company focused on developing next generation biopharmaceuticals based on its unique proprietary technology platforms: Affibody® molecules and Albumod™, today issued its Year End Report for 2018.
- Revenue for the 4th Quarter amounted to SEK 29.5 (30.0) m, and for the full year to 114.6 (117.7) m
- Operating result for the quarter amounted to SEK -23.6 (-24.4) m, and to -127.4 (-64.2) m for the full year
- Net result for the quarter amounted to SEK -23.8 (-24.4) m, and to -127.2 (-64.1) m for the full year
- Cash flow for the quarter amounted to SEK -65.1 (128.4) m, and to -150.4 (114.3) m for the full year
- Cash and cash equivalents at the end of the period amounted to SEK 91.0 (241.3) m.
Significant Events during the Reporting Period
- In December 2018, it was announced that Biotest AG had exercised its option under the ongoing collaboration regarding the use of Albumod™.
Significant Events during the rest of the Year
- A 100 patient multicenter Phase II study of ABY-035 in Germany, commenced in March 2018
- A Phase I proof-of-principle study of ABY-039 in the UK, commenced in March 2018
- The rights issue of shares resolved at the EGM on November 23 2017, completed in January 2018, was fully subscribed for with corresponding proceeds of SEK 199m
- In September 2018, it was announced that that a major Nordic study (“Affibody-3”) will begin using Affibody’s PET imaging agent ABY-025. The study is a multicenter investigator led clinical Phase II/III study with [68Ga] ABY-025. In total, 120 women with breast cancer from 7-8 hospitals in Sweden, Denmark and Finland will be included in the study.
Significant Events after the close of the Reporting Period
- 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) is to be held on March 11, 2019 to initiate a process for a SEK 147 m rights issue.
Affibody is a clinical stage Swedish biotech company with a broad product pipeline focused on developing innovative next generation biopharmaceuticals 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 proprietary programs. The first two are therapeutic programs that targets psoriasis, and B-cell driven autoimmune diseases respectively. 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 has ongoing commercial relationships with several companies such as AbClon, Biotest, Daewoong, Daiichi Sankyo, GE Healthcare, and Swedish Orphan Biovitrum.