On February 21, 2020 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, reported its Full Year Report for 2019 (Press release, Affibody, FEB 21, 2020, View Source [SID1234575699]).
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Financial Highlights
Revenue for the 4th Quarter 2019 amounted to SEK 17.2 (29.5) m, and to 311.8 (114.6) m for the full year
Operating result for the quarter amounted to SEK -66.1 (-23.6) m, and to 44.8 (-127.4) m for the full year
Net result for the quarter amounted to SEK -72.9 (-23.8) m, and to 43.9 (-127.2) for the full year
Cash flow for the quarter amounted to SEK -14.4 (-65.1) m, and to 283.8 (-150.4) m for the full year
Cash and cash equivalents at the end of the period amounted to SEK 374.8 (91.0) m.
Significant Events during the rest of the Year
In September Affibody announced its relocation to Campus Solna
In September a strategic collaboration with GE Healthcare to develop and commercialize Affibody-based PET imaging tracers, with initial focus on HER2 and PD-L1, was announced
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.
The share issue was completed and fully subscribed in May and brought gross proceeds of SEK 147.4 m to the company
In March, a partnership with Alexion Pharmaceuticals, Inc. to co-develop ABY-039, was announced. Under the terms of the agreement, Alexion has provided 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
In February, the Phase 2 proof-of-concept study of ABY-035 for moderate-to-severe psoriasis completed enrollment of patients.
Significant Events after the close of the Reporting Period
An EGM on February 17, 2020 elected José Suarez as Board member.
Affibody is a clinical stage Swedish biotech company with a broad product pipeline focused on developing innovative bi- and multi-specific 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 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.