2007-10-30
Interim Report – January to September 2007
Affibody Holding AB (publ) (“Affibody” or “the Company”), a Swedish biotech company focused on molecular imaging and targeted cancer treatments, today issued its Interim Report covering the nine-month period ending September 30, 2007.
Financial Highlights
- Revenue for the first nine months of 2007 was SEK 17.2 (11.4) million
- Net loss amounted to SEK -58.8 (-75.0) million
- Earnings per share was SEK -2.10 (-3.25)
- Cash flow from current operations was SEK -48.1 (-39.6) million for the nine-month period
- Cash and cash equivalents as of September 30, 2007 amounted to SEK 100.7 (29.3) million.
Key Corporate Highlights
- After the period end, Affibody began its first ever clinical trial with a HER2 molecular imaging agent. This Affibody® molecule is being developed for the diagnosis of breast cancer. The start of the clinical trial followed the granting of a clinical trial application (CTA) by the Swedish regulatory agency, (Medical Products Agency) in September 2007
- Improved financial position as a result of an equity funding that raised SEK 200 million in March 2007. These new funds, which came from both new and existing investors, were partly used to offset SEK 93 million of loans and other financial liabilities due to shareholders
- Strengthened management team with the appointments of Erik Walldén as CEO and Johan Stuart as CFO. Ulf Boberg has moved from CEO to Senior Vice President, Clinical Development and Business Development
- New Board appointments add significant expertise in medical product development and commercialization: Mr. Håkan Åström, Dr. Ursula Ney, Dr. C. Gillies O’Bryan-Tear and Dr. Peter Buhl Jensen have been elected to the Company’s Board of Directors. Håkan Åström has been appointed as Chairman of the Board of Directors.
Erik Walldén, Affibody’s CEO, said: “The considerable progress that Affibody has made in 2007 is evidenced by the recent start of our first ever clinical trial with our lead HER2 molecular imaging product, which is being developed for the improved diagnosis of an aggressive form of breast cancer. During the year we have also achieved other important corporate milestones including raising additional equity finance and strengthening our management and board. The progress that we have made during 2007 gives me great confidence for the future that we are well on track with our unique molecular imaging and targeted therapeutic products, which we expect to bring considerable benefits to cancer patients around the world.”