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2008-09-05
 

Interim Report - January to June 2008

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 First Half of 2008.

Financial Highlights

  • Revenue for the first six months of 2008 was SEK 15.1 (9.2) million, a 65% increase
  • Net loss for the period amounted to SEK –49.4 (-41.9) million
  • Earnings per share was SEK –1.65 (-1.52)   
  • Cash flow from current operations was SEK –39.4 (-27.9) million for the 1st Half of 2008
  • Cash and cash equivalents as of June 30, 2008 amounted to SEK 39.1 (121.3) million.
  • Increased equity position by SEK 75 million as a result of a revaluation of a license agreement.

Key Corporate Highlights

  • Affibody is continuing to progress its lead second-generation product ABY-025, a HER2-binding molecular imaging agent. This product, which is being developed for the diagnosis of breast cancer, is being prepared for a Phase I clinical study. The Company is currently working with the authorities to obtain approval to start this study.
  • Affibody has produced the first GMP batch of ABY-025 that will be used in the Phase I study.  The Company has also completed a toxicology study showing no adverse effects at doses significantly higher than the highest intended clinical dose.
  • Further progress has been made with Affibody’s albumin-binding domain (ABD) technology, which could be of great value for improving the therapeutic properties of a broad range of biotherapeutics being developed by other pharmaceutical and biotechnology companies.
  • The Company has also continued to progress the development of its other pipeline products including ABY-026, an EGFR imaging agent that will initially be developed for head and neck cancer.
  • The Board of Directors has decided to revise the company’s near term strategy. This change will lead to an increased focus on collaborations and a subsequent reduction in the company’s financial requirements resulting in a high probability to generate a positive cash-flow during the coming three year period.

Erik Walldén, Affibody’s CEO, said: “In the first half of 2008, Affibody has continued to prepare for the start of the clinical development of our lead cancer imaging product ABY-025, a product for the improved diagnosis of an aggressive form of breast cancer. We are also moving forward with the other imaging products that we have in our development pipeline. Our ABD delivery technology for novel biotherapeutics is attracting interest from a growing number of companies and we are also making good progress in signing further deals based on our core Affibody® technology platform. During the next six months I expect to see Affibody deliver further clinical and business development milestones as we work to bring our unique approach to molecular imaging to market for the benefit of cancer patients around the world.”