BioInvent Selected to The Leukemia & Lymphoma Society’s Therapy Acceleration Program and Receives $3 million Strategic Equity Investment
- Strategic equity investment of USD 3 million to support clinical advancement of BI-1206 in Non-Hodgkin's Lymphoma
- Supports also clinical development of BI-1808 in cutaneous T-cell lymphoma
- LLS TAP is a strategic funding initiative to accelerate innovative blood cancer therapeutics
LUND, SWEDEN / ACCESSWIRE / January 17, 2023 / BioInvent International AB ("BioInvent") (Nasdaq Stockholm:BINV), a biotech company focused on the discovery and development of novel and first-in-class immune-modulatory antibodies for cancer immunotherapy, today announces it has been selected as partner of The Leukemia & Lymphoma Society's Therapy Acceleration Program® (LLS TAP), aimed at advancing the company's program to treat blood cancers. The partnership will include access to the unique scientific, clinical and drug development expertise of LLS as well as a strategic capital equity investment from LLS TAP of USD 3 million.
"LLS TAP is excited to welcome BioInvent, a partner with two first-in-class clinical candidates in development for blood cancers, to our Therapy Acceleration Program®," said Lore Gruenbaum, PhD, Vice President, LLS TAP. "This partnership demonstrates our commitment to support and accelerate the development of the most promising and innovative blood cancer therapeutics worldwide. BioInvent has brought together a strong discovery platform, deep experience with therapeutic antibodies and a thorough understanding of immune oncology to create a rich and unique pipeline of promising therapeutics. We look forward to working with BioInvent to explore how these clinical candidates can benefit blood cancer patients."
LLS has dedicated more than USD 100 million over the past several decades, through both grants and TAP investments, to advancing pioneering approaches that harness cellular immunotherapies to fight blood cancers. This investment is aimed at supporting the work of BioInvent with the advancement of its novel anti-FcyRIIB 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 conclude this agreement with the widely respected patient organization Leukemia & Lymphoma Society. This is a strong endorsement of our lead program BI-1206 in NHL and acknowledgement of the potential of BI-1808 for CTCL. We look forward to working closely with LLS and their extensive and unique network of patients and key opinion leaders in the U.S. to further expand our clinical programs for BI-1206 and BI-1808 in blood cancers," 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 trial, as a 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.
As part of the partnership, LLS TAP makes a strategic capital equity investment of USD 3 million for new shares in BioInvent. Further hereto, the Board of Directors of BioInvent has on this day, based on the authorization of the annual general meeting 2022, resolved on a directed issue of 836,478 new shares to LLS TAP at a subscription price per share of SEK 37.40, corresponding to total subscription proceeds of SEK 31,284,277.20. The subscription price has been determined through negotiations and corresponds to the closing price for BioInvent's share on Nasdaq Stockholm on this day. The reason for the derogation from the shareholders' preferential right is that the investment brings LLS as an important and valuable new strategic partner to BioInvent, in alignment with shareholders' interests as a new shareholder.
As a result of the new share issue, the number of shares in BioInvent will increase from 64,967,884 shares to 65,804,362 shares. The new shares are expected to be admitted trading on Nasdaq Stockholm on or about January 23, 2023. LLS TAP has undertaken, on customary terms and conditions, not to sell or otherwise dispose of the shares of the investment during a period of 90 days from the share issue. Following the share issue, LLS TAP will own approximately 1.27 % of the shares in BioInvent.
About The Leukemia & Lymphoma Society and Therapy Acceleration Program® (TAP)
The Leukemia & Lymphoma Society® (LLS) is a global leader in the fight against cancer. The LLS mission is to cure leukemia, lymphoma, Hodgkin's disease, and myeloma, and improve the quality of life of 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 the standard of care. LLS TAP funds late-stage preclinical studies, and proof of concept or registrational clinical trials to help advance therapeutics along the drug development and approval pathway. LLS TAP accepts funding applications on a rolling basis from companies with innovative science that has a high potential to improve patient lives. To learn more, visit https://www.lls.org/therapy-acceleration-program. Follow LLS on Facebook, Twitter, and Instagram.
BioInvent International AB (Nasdaq Stockholm: BINV) is a clinical-stage biotech company that discovers and develops novel and first-in-class immuno-modulatory antibodies for cancer therapy, with currently four drug candidates in five ongoing clinical programs in Phase 1/2 trials for the treatment of hematological cancer and solid tumors, respectively. The Company's validated, proprietary F.I.R.S.T™ technology platform identifies both targets and the antibodies that bind to them, generating many promising new drug candidates to fuel the Company's own clinical development pipeline and providing licensing and partnering opportunities.
The Company generates revenues from research collaborations and license agreements with multiple top-tier pharmaceutical companies, as well as from producing antibodies for third parties in the Company's fully integrated manufacturing unit. More information is available at www.bioinvent.com. Follow on Twitter: @BioInvent.
For further information, please contact:
Cecilia Hofvander, Senior Director Investor Relations
Phone: +46 (0)46 286 85 50
BioInvent International AB (publ)
Co. Reg. No. Org nr: 556537-7263
Visiting address: Ideongatan 1
Mailing address: 223 70 LUND
Phone: +46 (0)46 286 85 50
Disclaimer - BioInvent
The press release contains statements about the future, consisting of subjective assumptions and forecasts for future scenarios. Predictions for the future only apply as 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 outcome 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. The information was submitted for publication, through the agency of the contact persons set out above, at 2023-01-17 19:54 CET.
SOURCE: BioInvent International
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