1 January – 30 June 2010
LUND, Sweden–(Business Wire)–
* Phase II data presented in May shows that the antithrombotic effect of TB-402
is better than enoxaparin, the current standard treatment.
* In May BioInvent and ThromboGenics achieved a milestone corresponding to EUR
10 million when development partner Roche launched a new clinical study with the
product candidate TB-403.
* Reorganisation will give greater focus on the company`s proprietary drug
development. Adapted manufacturing capacity to in house needs, reduces fixed
costs by around SEK 15 million on an annual basis.
* In March BioInvent entered into a partnership with Human Genome Sciences to
develop and commercialise therapeutic antibodies.
* A directed new share issue that raised SEK 150 million for the company before
transaction costs was implemented in February.
* Net revenues for January – June 2010: SEK 63.1 million (47.1).
* Loss after tax for January – June 2010 amounted to SEK -60.7 million (-88.2)
and the loss after tax per share was SEK -1.01 (-1.59).
* Current investments together with cash and bank as of 30 June 2010: SEK 138.7
million, excluding share of milestone payments for TB-403 received in July,
(150.5).
* Cash flow from current operations and investment activities for January – June
2010: SEK -89.7 million (-61.9).
BioInvent is a research-based pharmaceutical company that focuses on developing
antibody drugs. The Company is currently running innovative drug projects mainly
within the areas of thrombosis, cancer and atherosclerosis.
Comments by the CEO
BioInvent reached an important milestone when the results of a phase II trial of
TB-402 following orthopaedic surgery, were reported in May. The data showed that
TB-402 is statistically better at preventing thrombosis than enoxaparin, the
current standard treatment. Supported by these good results, BioInvent and the
company`s partner, ThromboGenics, will now prioritise securing a development
partner for the programme to ensure that the necessary resources is in place to
take the product candidate to the market. Current treatment options with
anticoagulants require daily dosing. The data we have presented reinforces our
position that a product dosed once post surgery with a significant reduction in
the incidence of blood clots, will provide significant advantages for both
patients and healthcare providers.
In the recent quarter our product candidate for the treatment of cancer, TB-403,
also took an important step forward as our partner, Roche launched a new
clinical study in patients with metastatic, treatment-refractory, colorectal and
ovarian cancer. The start of this study resulted in that BioInvent and
ThromboGenics together received EUR 10 million as a first milestone payment in
the early clinical development phase. The drug candidate has potential to be
developed into a treatment alternative for several cancers. We anticipate that
Roche will launch additional studies in the early clinical development phase to
explore these opportunities.
Within our collaboration project, BI-204, with Genentech to treat
atherosclerosis, the parties have now approved the design of the phase II trial.
We expect the first patient to be included by the end of the year, or early
first quarter next year.
In addition to the successes within our clinical product portfolio, during the
first half of the year we clearly demonstrated our ambition to invest in
developing our own product portfolio. In March we signed an agreement with Human
Genome Sciences with the objective to develop new drug candidates to treat
inflammatory diseases. We also decided to tailor our process development and
manufacturing resources to meet the needs of our proprietary drug projects.
After this move the company will withdraw from the contract manufacturing market
and focus our manufacturing capacity on our in house needs. We have proved that
we can generate considerable value through our own projects and we are convinced
that focusing even more on our drug portfolio will result in additional
shareholder value.
Lund, Svein Mathisen
Development projects
BioInvent is currently running four projects in the development phase. In the
development phase the safety profile of the product candidate is tested in
animal models, before testing safety and efficacy in clinical trials.
Thrombosis (TB-402)
TB-402 is a human antibody binding to Factor VIII. The antibody has shown a
beneficial partial inhibition of Factor VIII, even when applied in excess
dosage. This reduces the risk of undesirable bleedings. The objective is to
initially develop a drug that prevents Deep Vein Thrombosis (DVT) following
orthopaedic surgery. DVT is caused when a blood clot forms in a deep vein, most
commonly in the deep veins of the lower leg. DVT is a major public health issue
and it is estimated that in the US alone, more than 600,000 individuals are
affected by DVT or pulmonary embolism (PE) each year. The number of patients
undergoing total hip or knee replacement is estimated at around 2.4 million in
2009 and is expected to grow to approximately 3.1 million 2015 in the seven
major pharmaceutical markets. Patients undergoing hip replacement or knee
surgery are particularly at risk of developing DVT and all patients are
therefore treated with anticoagulants prophylactically in order to reduce the
risks of blood clots. TB-402 is a long-acting agent, which means it could be
given as a single dose to prevent the development of DVT in patients undergoing
surgery. This simple approach to prophylaxis would be an attractive option, as
all current anticoagulant treatment options require daily treatment for up to
several weeks. The project is carried out within the alliance with
ThromboGenics.
Results from the phase I trial show that TB-402 is both safe and well-tolerated.
No serious adverse events related to TB-402 were reported. The pharmacokinetic
analysis undertaken as part of the phase I trial confirm a prolonged half-life
of approximately three weeks. Additional studies have shown that the effect of
TB-402 can be reversed by giving the target protein (Factor VIII) that blocks
TB-402 and also that TB-402 is safe and well tolerated in patients that are
given standard treatment (enoxaparin and warfarin) for deep vein thrombosis.
Results from a phase II trial for the prevention of venous thromboembolism (VTE)
following orthopaedic surgery, were reported in May. The phase II results showed
the superior antithrombotic activity of TB-402, when compared to enoxaparin
(Lovenox®: sanofi-aventis). The study showed that the two drugs had comparable
safety. Enoxaparin is currently the standard treatment to prevent VTE in this
setting. VTE encompasses both deep venous thrombosis and pulmonary embolism.
The phase II trial was a multicenter, dose-escalating, randomised, open-label
trial, evaluating TB-402 against enoxaparin for the prophylaxis of VTE after
knee surgery. All patients received enoxaparin 40mg pre-operatively. Post
operatively, patients were randomized in a sequential cohort design to one of
three doses of TB-402 (0.3mg/kg, 0.6mg/kg or 1.2mg/kg) or enoxaparin 40mg (3:1;
n=75 per group).
TB-402 was administered as a single intravenous bolus injection 18-24 hours
after orthopaedic surgery, whereas enoxaparin was given as a 40mg subcutaneous
injection every day for a period of at least 10 days. The primary efficacy
endpoint was based on measuring all occurrences of VTE in patients by Day 7-11,
whether they were symptomatic or asymptomatic. The primary safety endpoint was
the number of patients with major or clinically relevant non-major bleeding from
randomisation until the end of the study at 3 months. The study enrolled a total
of 316 patients across 30 centers in Europe.
A pooled analysis of all groups treated with TB-402 and the group treated with
enoxaparin showed a statistically significant reduction (22% and 39%) of the
incidence of total VTE. The study also showed that TB-402 and enoxaparin had a
similar safety profile. The results were presented on 8 July at the 21st
International Congress on Thrombosis in Milano.
Atherosclerosis (BI-204)
The product candidate BI-204 targets oxidized forms of the LDL cholesterol
(oxLDL). Links have been shown between oxidized forms of certain lipoproteins
and the inflammatory processes that lead to plaque formation in the vessel
walls. BI-204 has in preclinical studies reduced inflammatory processes and
reduced plaque formation significantly. The results also show a considerable
reduction in the size of existing plaques in animals treated with BI-204.
Results supports that the mechanism behind BI-204 is a modulation of the
inflammatory process resulting in a reduction of pro-inflammatory cells in
treated plaques, which in turn leads to a reduction in new plaque formation and
the regression of existing plaques. It is being developed as a drug for the
prevention of secondary events in patients with cardiovascular disease. In a
population-based, prospective, observational study of the risk of development of
metabolic syndrome (JAMA. 2008; 299 (19) 2287-2293) higher concentration of
oxidized LDL was associated with increased incidence of metabolic syndrome
overall, as well as its components of insulin resistance and hyperglycemia.
These observations support the picture that oxidized LDL can be an important
target structure for developing new medications to treat patients with type 2
diabetes and metabolic syndrome. BI-204 is developed in collaboration with
Genentech, a wholly-owned member of the Roche Group.
The phase I programme was completed in 2009. The study was a double-blind,
within-group randomised dose-escalation trial testing both single and multiple
doses of BI-204 administered either intravenously or subcutaneously. In total,
80 healthy male or female subjects with elevated levels of LDL cholesterol were
included in the trial. BI-204 was well tolerated and pharmacokinetic results
showed the halflife was in the expected range for fully human antibodies.
Genentech and BioInvent have now approved the design of the Phase II trial.
Cancer (TB-403)
The product candidate TB-403, is a monoclonal antibody directed against
placental growth factor, PlGF. TB-403 binds PlGF with high affinity and
specificity and has been shown to inhibit tumour growth in animal models. TB-403
blocks tumour angiogenesis, the development of new blood vessels, which is
required for tumour nutrient and oxygen supply supporting tumour growth.
Angiogenesis is also required for disease progression and metastasis, the
dissemination of the tumour to distal sites of the body.
The PlGF growth factor is secreted by tumours and is specifically over expressed
in cancer and chronic inflammatory conditions. It affects the formation of new
vessels in tissue that is under stress. PlGF is not required for survival of
normal resting vasculature and blocking PlGF is expected to be relatively safe,
because mice lacking PlGF are healthy and reproduce normally. Preclinical
research has also shown that inhibition of PlGF does not induce resistance
mechanisms because it does not induce “angiogenic rescue” mechanisms, whereby
tumour expression of proangiogenic growth factors is upregulated, which may
enable escape from therapy. This angiogenic rescue phenomenon has been
demonstrated with some angiogenesis inhibitors.
Up to June 2008 the project was carried out within the alliance with
ThromboGenics. In June 2008 BioInvent and partner ThromboGenics entered into a
strategic license agreement with Roche for development and commercialisation of
TB-403. Roche received a worldwide, exclusive license to develop and
commercialise TB-403. BioInvent and ThromboGenics retained co-promotion rights
for the product in the Nordic, Baltic and Benelux regions.
The first phase l study in 16 healthy male subjects was successfully completed
in June 2008 and showed that TB-403 is safe and well tolerated, with
pharmacokinetic properties enabling it to be developed as a novel anti-cancer
agent. A follow-up study in patients with advanced cancer was presented in
November 2009 at the AACR-NCI-EORTC International Conference on Molecular
Targets and Cancer Therapeutics in Boston, U.S.. This dose escalation study
examined tolerability, pharmacokinetics and pharmacodynamics of TB-403 in 23
patients. TB-403 was shown to be well tolerated and no dose limiting toxicity
was observed with doses up to 10 mg/kg weekly and 30 mg/kg every three weeks. In
this patient population with advanced solid tumours, stable disease was observed
in six of 23 patients whereof two patients had stable disease in 12 months.
Roche launched in May a new clinical study of TB-403 in patients with
metastatic, treatment-refractory, colorectal and ovarian cancer. This resulted
in a milestone payment of EUR 10 million from Roche. ThromboGenics, the company
that initiated TB-403, received 60 percent and BioInvent 40 percent of this
amount.
This trial is a multi-centre, open-label (monotherapy), dose-finding study with
intravenous TB-403. The primary objective of the study will be to establish the
TB-403 concentration-pharmacodynamic (PD) effect relationship using DCE-MRI
(dynamic contrast-enhanced magnetic resonance imaging) and to identify the
minimally PD effective dose. The trial will recruit up to 50 patients across
three European sites.
Cancer (BI-505)
The drug candidate BI-505 is a human antibody that targets the adhesion protein
ICAM-1 (also called CD54). In tumour cells the expression of ICAM-1 is elevated
and it is therefore a candidate for being a suitable target protein for a
therapeutic antibody. In addition to inducing apoptosis the antibody also
provides important immuno-effector functions that help to kill tumour cells.
BI-505 has in different animal models proved to be very effective at killing
tumours and more effective than existing drugs.
BioInvent`s intention is, in an initial stage, to treat patients with multiple
myeloma. Other forms of hematologic cancer may also become relevant as
indications. The possibility of treating ICAM-1 expressing solid tumours will
also be examined further in additional preclinical trials. The number of newly
diagnosed patients with multiple myeloma is more than 40,000 per year and the
number of newly diagnosed patients with blood cancer is more than 200,000 per
year.
BI-505 has been granted orphan drug designation in the United States and Europe
for the indication of multiple myeloma. This status gives BI-505 possibility for
market exclusivity for treatment of multiple myeloma with an antibody against
ICAM-1 for up to 10 years after marketing approval is obtained.
A phase I study for the treatment of multiple myeloma was launched in the US at
the beginning of the year. The study will investigate safety, pharmacokinetics
and pharmacodynamics and will aim to define the optimal dose of the antibody for
upcoming clinical phase II development. The study will involve 30 – 40 patients.
The patients will be treated with intravenous doses of BI-505 every other week
for a 28-day period with the possibility of extending the treatment until the
condition deteriorates again.
Research projects
BioInvent is running a number of projects in the research phase i.e. the stage
prior to selection of a Candidate Drug. The company`s research portfolio
currently includes projects mainly within the areas of cancer and inflammation.
The research in the cancer field is aimed at additional product candidates that
will impede undesirable vessel growth and thus the blood supply to tumours, as
well as at programmed cell death inducing antibodies that kill tumour cells.
BioInvent has together with a leading academic group launched a project focusing
on new drug concepts based on the role of cancer-associated fibroblasts in
tumour development.
The company`s inflammation research is being enhanced by a partnership entered
into in March with the US company Human Genome Sciences. Under this partnership
the companies will work together to develop and commercialise antibody-based
drugs based on target proteins from Human Genome Sciences` research and
BioInvent`s antibody technology.
BioInvent has initiated a new project in cooperation with a leading academic
group for the treatment of type I diabetes.
The company is also conducting research and development on antibody-based drugs
on behalf of other external partners. Such partners includes Bayer HealthCare,
Daiichi Sankyo and Mitsubishi Tanabe. All in all BioInvent has entered into
agreements of this kind with the possible development of up to 30 antibody-based
products. As well as undisclosed license fees and research funding, BioInvent
will receive milestone payments and royalties on sales of any products
commercialized.
Revenues and result
Net revenues for the January – June period amounted to SEK 63.1 million (47.1).
Revenues for the January – June 2010 period include BioInvent`s share, SEK 38.3
million, of the milestone payment received when its partner Roche launched a new
clinical study involving TB-403 in May. BioInvent’s share, SEK 21.7 million, of
the first milestone payment for TB-403 is included in reported net revenues for
2009. Net revenues for the April – June period amounted to SEK 48.0 million
(10.3).
The Company`s total costs for the January – June period amounted to SEK 124.0
million (137.7). Operating costs are divided between external costs of SEK 68.2
million (86.9), personnel costs of SEK 50.6 million (45.2) and depreciation of
SEK 5.2 million (5.6). Restructuring costs (personnel costs) in connection with
changes in the manufacturing operation amounting to SEK 6.0 million were charged
to the company`s second quarter 2010 results.
Research and development costs for January – June amounted to SEK 106.1 million
(120.6). Depreciation according to plan reduced the operating result for the
period by SEK 5.2 million (5.6), of which depreciation of intangible fixed
assets amounts to SEK 2.5 million (2.8).
The loss after tax for January – June amounted to SEK -60.7 million (-88.2). The
loss after tax for April – June amounted to SEK -22.8 million (-53.5). The net
financial items, January – June, amounted to SEK -0.4 million (2.4). Earnings
per share after tax, January – June, amounted to SEK -1.01 (-1.59).
Financial position and cash flow
As of 30 June 2010, the Group`s current investments together with cash and bank
amounted to SEK 138.7 million, excluding the share of the milestone payment
relating to TB-403 received in July, (150.5). The cash flow from current
operations and investment activities for January – June amounted to SEK -89.7
million (-61.9). The milestone payment for TB-403 received in July will have a
positive effect on cash flow in the third quarter.
In February BioInvent implemented a directed new share issue totalling 5,434,800
shares that raised SEK 150 million for the company before transactions costs.
The subscription price was set at SEK 27.60 per share.
The shareholders` equity amounted to SEK 140.5 million (143.5) at the end of the
period. The Company`s share capital was SEK 30.5 million. The equity/assets
ratio at the end of the period was 65.2 (69.5) per cent. Shareholders` equity
per share amounted to SEK 2.30 (2.58). The Group had no interest-bearing
liabilities.
Investments
Investments in tangible fixed assets amounted to SEK 1.8 million (0.6). No
investments were made in intangible assets during the period (-).
Organisation
As of 30 June 2010, BioInvent had 90 (105) employees. 75 (90) of these work in
research and development.
Employee incentive program
The annual general meeting on 14 April 2008 resolved to adopt an incentive
program comprising a maximum of 1,450,000 employee options (Sw.
personaloptioner) and to issue 1,920,090 warrants for the subsidiary BioInvent
Finans AB, free of charge, to secure the company’s commitment under the
incentive program and to cover the company’s associated social security
contributions. BioInvent Finans AB has subscribed all the warrants. Each
employee option entitles the holder to subscribe to a new share at a
subscription price of SEK 26.84. A basic allocation of 513,750 employee options
took place during 2008 and 2009. Extra allotment of 69,750 employee options took
place in February 2009 and in January 2010 with 429,750 employee options.
The annual general meeting on 21 April 2009 resolved to adopt an amendment to
the existing employee options program 2008/2012, resolved by the AGM 2008. The
amendment program comprise a maximum of 240,250 employee options, directed to
the employees of the Company, entitling the holder to subscribe for new shares.
Each employee option entitles the holder to subscribe to a new share at a
subscription price of SEK 26.84. A basic allocation of 33,750 employee options
took place during 2009 and 2010. Extra allotment of 8,127 employee options took
place in January 2010.
Risk factors
The Company`s operations are associated with risks related to factors such as
drug development, competition, collaboration with partners, technology
development, patents, capital requirements, currency and interest rates. The
aforementioned risks summarize the factors of significance for BioInvent and
thus an investment in the BioInvent share.
Accounting principles
This interim report was prepared in accordance with IAS 34, Interim Financial
Reporting, the Swedish Annual Accounts Act and the Swedish Financial Reporting
Board`s recommendation RFR 2.3, Accounting for Legal Entities. The accounting
principles applied are consistent with those used in the preparation of the most
recent Annual Report. The updates and changes adopted by the EU and applied from
1 January 2010 and that will affect the financial reporting are the following:
IFRS 3R Business Combinations and IAS 27R Consolidated and Separate Financial
Statements. Their effect on the financial reporting is described in the 2009
Annual Report. The following new standards and amendments have not at this time
had any effect on BioInvent`s financial reporting: IFRIC 12 Service Concession
Arrangements, IFRIC 15 Agreements for the Construction of Real Estate, IFRIC 16
Hedges of a Net Investment in a Foreign Operation, IFRIC 17 Distribution of
Non-Cash Assets to Owners and IFRIC 18 Transfers of Assets from Customers. These
statements will be applied to the extent BioInvent International executes the
transactions in question.
Upcoming financial reports
BioInvent will present the following financial reports:
Interim reports 14 October 2010
Financial statement for 2010 10 February 2011
The report is also available at www.bioinvent.com
Consolidated statement of comprehensive income in brief for the Group (SEK
thousands)
3 MONTHS 3 MONTHS 6 MONTHS 6 MONTHS 12 MONTHS
2010 2009 2010 2009 2009
April-June
April-June
Jan.-June
Jan.-June
Jan.-Dec.
Net revenues 47,970 10,274 63,071 47,123 80,659
Operating costs
Research and development costs -61,638 -56,819 -106,086 -120,590 -229,187
Sales and administrative costs -9,658 -8,353 -17,875 -17,079 -35,466
Other operating revenues and costs 396 582 545 -110 4,492
-70,900 -64,590 -123,416 -137,779 -260,161
Operating profit/loss -22,930 -54,316 -60,345 -90,656 -179,502
Profit/loss from financial investments 157 814 -362 2,429 2,841
Profit/loss after financial items -22,773 -53,502 -60,707 -88,227 -176,661
Tax – – – – –
Profit/loss -22,773 -53,502 -60,707 -88,227 -176,661
Other comprehensive income
Changes in actual value 29 -93 1 -149 -211
Comprehensive income -22,744 -53,595 -60,706 -88,376 -176,872
Profit/loss pertaining to the parent company`s shareholders -22,744 -53,595 -60,706 -88,376 -176,872
Earnings per share, SEK
Before dilution -0.37 -0.96 -1.01 -1.59 -3.17
After dilution -0.37 -0.96 -1.01 -1.59 -3.17
Consolidated statement of financial position in brief for the Group (SEK
thousands)
2010 2009 2009
30 June 30 June 31 Dec.
Assets
Fixed assets
Intangible fixed assets 4,475 9,570 7,022
Tangible fixed assets 11,192 14,199 11,969
Current assets
Inventories etc. 2,948 2,058 2,037
Current receivables 58,360 30,088 21,198
Current investments 118,900 125,874 55,958
Cash and bank 19,774 24,669 28,062
Total assets 215,649 206,458 126,246
Shareholders` equity and liabilities
Shareholders` equity 140,534 143,503 55,633
Current liabilities 75,115 62,955 70,613
Total shareholders` equity and liabilities 215,649 206,458 126,246
Statement of changes in equity for the Group (SEK thousands)
2010 2009 2010 2009 2009
April-June April-June Jan.-June Jan.-June Jan.-Dec.
Opening balance 162,615 196,791 55,633 231,298 231,298
Effect of employee incentive program 663 307 1,229 581 1,207
Directed new share issue 144,378
Comprehensive income -22,744 -53,595 -60,706 -88,376 -176,872
Closing balance 140,534 143,503 140,534 143,503 55,633
Shareholders` equity pertaining to the 140,534 143,503 140,534 143,503 55,633
parent company`s shareholders
The share capital as of 30 June 2010 consists of 61,095,689 shares and the
share`s ratio value is 0.5. The directed new share issue carried out in February
2010 raised SEK 144,378 thousands after issue expenses, which amounted to SEK
5,622 thousands.
Consolidated statement of cash flows in brief for the Group (SEK thousands)
2010 2009 2010 2009 2009
April-June April-June Jan.-June Jan.-June Jan.-Dec.
Current operations
Operating profit/loss -22,930 -54,316 -60,345 -90,656 -179,502
Depreciation 2,615 2,704 5,155 5,649 11,117
Adjustment for other non-cash items 663 307 1,229 581 1,207
Interest received and paid 58 776 88 3,638 4,723
Cash flow from current operations -19,594 -50,529 -53,873 -80,788 -162,455
before changes in working capital
Changes in working capital -19,882 9,321 -34,019 19,477 35,312
Cash flow from current operations -39,476 -41,208 -87,892 -61,311 -127,143
Investment activities
Acquisition of tangible fixed assets -964 -588 -1,832 -606 -1,297
Cash flow from investment activities -964 -588 -1,832 -606 -1,297
Cash flow from current operations and investment activities -40,440 -41,796 -89,724 -61,917 -128,440
Financing activities
Directed new share issue – – 144,378 – –
Cash flow from financing activities – – 144,378 – –
Changes in current investments** -4,077 19,566 -108,916 62,275 151,196
Change in liquid funds -44,517 -22,230 -54,262 358 22,756
Opening liquid funds 64,291 73,868 74,036 51,280 51,280
Liquid funds at end of period 19,774 51,638 19,774 51,638 74,036
Liquid funds, specification:
Current investments that constitute liquid – 26,969 – 26,969 45,974
funds*
Cash and bank 19,774 24,669 19,774 24,669 28,062
19,774 51,638 19,774 51,638 74,036
Current investments** 118,900 98,905 118,900 98,905 9,984
138,674 150,543 138,674 150,543 84,020
*Duration less than 3 months
**Duration more than 3 months
Key financial ratios for the Group
2010 2009 2009
30 June 30 June 31 Dec.
Shareholders` equity per share at end of period, SEK 2.30 2.58 1.00
Number of shares at end of period 61,096 55,661 55,661
Equity/assets ratio, % 65.2 69.5 44.1
Number of employees at end of period 90 105 105
Consolidated income statement in brief for the Parent Company (SEK thousands)
6 MONTHS 6 MONTHS 12 MONTHS
2010 2009 2009
Jan.-June
Jan.-June
Jan.-Dec.
Net revenues 63,071 47,123 80,659
Operating costs
Research and development costs -105,053 -120,122 -228,207
Sales and administrative costs -17,679 -16,966 -35,239
Other operating revenues and costs 545 -110 4,492
-122,187 -137,198 -258,954
Operating profit/loss -59,116 -90,075 -178,295
Profit/loss from financial investments -362 2,429 2,841
Profit/loss after financial items -59,478 -87,646 -175,454
Tax – – –
Profit/loss -59,478 -87,646 -175,454
Consolidated balance sheet in brief for the Parent Company (SEK thousands)
2010 2009 2009
30 June 30 June 31 Dec.
Assets
Fixed assets
Intangible fixed assets 4,475 9,570 7,022
Tangible fixed assets 11,192 14,199 11,969
Financial fixed assets 100 100 100
Current assets
Inventories etc. 2,948 2,058 2,037
Current receivables 58,360 30,088 21,198
Current investments 118,914 125,827 55,973
Cash and bank 19,774 24,669 28,062
Total assets 215,763 206,511 126,361
Shareholders` equity and liabilities
Shareholders` equity 140,561 143,469 55,661
Current liabilities 75,202 63,042 70,700
Total shareholders` equity and liabilities 215,763 206,511 126,361
The board of directors and the CEO hereby ensure that this interim report for
the period 1 January 2010 – 30 June 2010 provides a fair overview of the
operations, financial position and performance of the Company and the Group and
describes the material risks and uncertainty factors faced by the Company and
the companies included in the Group.
Lund, 14 July 2010
Karl Olof Borg Lars Backsell Carl Borrebaeck Lars Ingelmark
Chairman of the Board
Elisabeth Lindner Ulrika T Mattson Björn Nilsson Kenth Petersson
Svein Mathisen
President and CEO
Review report
Introduction
We have reviewed the summarised interim financial information for BioInvent
International AB (publ) for the period 1 January 2010 – 30 June 2010. The board
of directors and the CEO are responsible for the preparation and presentation of
this interim report in accordance with IAS 34 and the Annual Accounts Act. Our
responsibility is to express a conclusion on this interim report based on our
review.
Scope of review
We conducted our review in accordance with the Standard on Review Engagements
SÖG 2410 “Review of
Interim Financial Information Performed by the Independent Auditor of the
Entity”. A review consists of making inquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review
procedures. A
review is substantially less in scope than an audit conducted in accordance with
the Standards on Auditing in Sweden RS and other generally accepted auditing
practices. The procedures performed in a review do not enable us to obtain a
level of assurance that would make us aware of all significant matters that
might be identified in an audit. Therefore, the conclusion expressed based on a
review does not give the same level of assurance as a conclusion expressed based
on an audit.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe
that the interim report is not prepared, in all material respects, for the
group’s part according to IAS 34 and the Annual Accounts Act and for the parent
company’s part according to the Annual Accounts Act.
Lund, 14 July 2010
ERNST & YOUNG AB
Johan Thuresson
Authorised Public Accountant
BioInvent International AB (publ.)
Co. reg. no. 556537-7263
Address: Sölvegatan 41, 223 70 Lund
Tel.: +46 (0)46 286 85 50
info@bioinvent.com
Legal disclaimer
This press release contains statements about the future, consisting of
subjective assumptions and forecasts for future scenarios. Predictions for the
future only apply as of 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 out-come may deviate
significantly from the scenarios described in this press release.
Information disclosed in this press release is provided herein pursuant to the
Swedish Securities Markets Act and/or the Swedish Financial Instruments Trading
Act. The information was submitted for publication at 8.30 a.m. CET, on 14 July,
2010.
BioInvent International AB (publ.)
Svein Mathisen, President & CEO
Tel.+46 (0)46 286 85 67
Mobile +46 (0)708 97 82 13
or
Cristina Glad, Executive Vice President
Tel. +46 (0)46 286 85 51
Mobile +46 (0)708 16 85 70.
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