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US$3M Strategic Equity Investment to Support Clinical Advancement of BI-1206 in Non-Hodgkin Lymphoma
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Also supports clinical development of BI-1808 in cutaneous T-cell lymphoma
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LLS TAP is a strategic funding initiative to accelerate innovative blood cancer treatments.
Lund, Sweden / ACCESSWIRE / January 17, 2023 / Bioinvent International AB (“BioInvent”) (Nasdaq Stockholm: BINV), a biotechnology company focused on the discovery and development of novel, first-in-class immunomodulatory antibodies for cancer immunotherapy, today announced The Leukemia & Lymphoma announced that it was selected as a partner of The Society’s Therapy Acceleration Program® (LLS TAP) is intended to advance the company’s programs for treating blood cancers. The partnership includes access to LLS’ unique scientific, clinical and drug development expertise as well as his US$3 million strategic capital investment from LLS TAP.
LLS TAP Vice President Lore Gruenbaum, Ph.D. “This partnership demonstrates our commitment to supporting and accelerating the development of the world’s most promising and innovative blood cancer therapeutics. We have brought together a thorough understanding of immuno-oncology to produce a rich and unique product pipeline of promising therapeutics, and we are working with BioInvent to explore how these clinical candidates can help patients with blood cancers. I look forward to finding out if it helps.”
Over the past decades, through both grants and TAP investments, LLS has committed over US$100 million to advance pioneering approaches that harness cellular immunotherapy to combat blood cancers. This investment aims to support BioInvent’s efforts by advancing the novel anti-FcγRIIB antibody BI-1206 in non-Hodgkin’s lymphoma (NHL) and the anti-TNFR2 antibody BI-1808 in cutaneous T-cell lymphoma (CTCL) . .
“We are delighted to have entered into this agreement with the Leukemia & Lymphoma Society, a widely respected patient organization. We are working closely with LLS and our extensive and unique network of patients and key opinion leaders in the United States to further expand our BI-1206 and BI-1808 clinical programs in hematologic malignancies. We will work together,” said Martin Welschof, CEO of BioInvent.
BI-1206 is currently being studied in two Phase 1/2 trials in combination with rituximab in NHL and in combination with pembrolizumab in solid tumors. BI-1808 is being evaluated in a Phase 1/2a study as single agent and in combination with the anti-PD-1 therapy Keytruda® (pembrolizumab) in patients with ovarian cancer, non-small cell lung cancer and CTCL. increase.
As part of the partnership, LLS TAP will make a US$3 million strategic capital investment in new BioInvent shares. In addition, BioInvent’s board of directors today resolved to issue 836,478 new shares to LLS TAP at SEK 37.40 per share, equivalent to the total amount, based on the approval of the 2022 Annual General Meeting. . Subscription earnings of SEK 31,284,277.20. The subscription price is negotiated and corresponds to the closing price of his BioInvent stock on Nasdaq Stockholm on this date. Shareholders are disenfranchised because this investment makes LLS an important and valuable new strategic partner for his BioInvent, in line with the interests of shareholders as new shareholders.
The share issue will increase BioInvent’s share count from 64,967,884 to 65,804,362 shares. The new shares are expected to be admitted to trading on the Nasdaq Stockholm on or around January 23, 2023. LLS TAP has committed not to sell or otherwise dispose of the shares in its investments on customary terms. stock problem. After the share issuance, LLS TAP will own approximately 1.27% of BioInvent’s shares.
About The Leukemia & Lymphoma Society and The Therapy Acceleration Program® (TAP)
The Leukemia & Lymphoma Society® (LLS) is a global leader in the fight against cancer. The mission of LLS is to treat leukemia, lymphoma, Hodgkin’s disease, and myeloma and improve the quality of life for patients and their families. LLS TAP is a strategic venture philanthropy initiative that builds business alliances and collaborations with biotechnology companies to identify potential breakthrough therapies with the ability to change standard of care. LLS TAP funds late-stage preclinical, proof-of-concept or registration clinical trials to help advance therapies along the drug development and approval pathway. LLS TAP regularly receives funding applications from companies with innovative science that has the potential to improve the lives of patients. For more information, please visit https://www.lls.org/therapy-acceleration-program. Follow LLS on Facebook. twitterand Instagram.
About Bioinvent
BioInvent International AB (Nasdaq Stockholm: BINV) is a clinical-stage biotechnology company discovering and developing novel and best-in-class immunomodulatory antibodies for the treatment of cancer, currently in Phase 1/2 There are four drug candidates in five clinical programs. Trials for the treatment of blood cancers and solid tumors, respectively. Our validated, proprietary FIRST™ technology platform identifies both targets and the antibodies that bind to them, generating many promising new drug candidates that advance our proprietary clinical development pipeline, with potential for licensing and partnerships. provide opportunities.
We generate revenue from research collaborations and licensing agreements with several leading pharmaceutical companies, as well as the production of antibodies for third parties in our fully integrated manufacturing division. For more information, please visit www.bioinvent.com. Follow us on Twitter: @BioInvent.
For more information, please contact:
Cecilia Hofvander, Senior Director, Investor Relations
Phone: +46 (0)46 286 85 50
Email: cecilia.hofvander@bioinvent.com
BioInvent International AB (Public)
Registered as a stock company. No. Organization number: 556537-7263
Destination: Ideongatan 1
Mailing Address: 223 70 LUND
Phone: +46 (0)46 286 85 50
www.bioinvent.com
Disclaimer – BioInvent
The press release contains forward-looking statements that consist of subjective assumptions and projections of future scenarios. Forward-looking statements apply only as of the time they are made and, by their nature, are conducted in a manner similar to research and development work in the biotechnology field, which is associated with risks and uncertainties. With this in mind, actual results may deviate significantly from the scenarios described in this press release.
This information is information that BioInvent International is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication through the agency of the above contact person on 2023-01-17 19:54 CET.
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BioInvent Selected for The Leukemia & Lymphoma Society’s Treatment Acceleration Program, Receives $3M Strategic Equity Investment
sauce: Bioinvent International
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https://www.accesswire.com/735566/BioInvent-Selected-to-The-Leukemia-Lymphoma-Societys-Therapy-Acceleration-Program-and-Receives-3-million-Strategic-Equity-Investment