Earnings Release • Oct 26, 2017
Earnings Release
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Press release 26 October 2017
1 January – 30 September 2017
"During the third quarter of 2017, BioInvent has initiated preparations for a clinical trial with BI-1206 in combination with rituximab to investigate its potential as a treatment of relapsing, aggressive forms of Non-Hodgkin Lymphoma and indolent lymphomas. Our hypothesis is that BI-1206 can prevent the development of resistance to rituximab, which is today the standard-of-care treatment of these patient categories. A positive outcome of this trial, which is planned to start in H1 2018, would further increase the commercial attractiveness of our unique antibody BI-1206. The new study will give BioInvent an opportunity to more rapidly investigate the safety of the combined treatment as well as early signs of patient response.
We are also pleased to have further strengthened our managment team by welcoming Dr. Andres McAllister as our new Chief Medical Officer. Andres is a Doctor in Medicine and Surgery from the Universidad del Rosario, and holds a PhD from the Pasteur Institut/Université Paris. He has perfomed academic work at the Pasteur Institut and the University of California San Francisco on cancer immunotherapy. Andres joins BioInvent from a position as Chief Scientific Officer at Debiopharm, and has previously held senior roles at IDM and BioMérieux/Pierre Fabre.
The Company has announced that I will resign as CEO of BioInvent 31 December 2017. The challenges of a biotech company are many, but with highly skilled and devoted employees, my work has been both rewarding and stimulating. It has been a privilege to lead the BioInvent organization, but the company now needs more scientific skills in the CEO role. I will of course continue to follow the company closely," said Michael Oredsson, CEO of BioInvent.
Any questions regarding this report will be answered by Michael Oredsson, CEO, phone +46 (0)46 286 85 67, mobile +46 (0)707 18 89 30. The report is also available at www.bioinvent.com
Based on its unique insights in immunology, cancer biology and antibody biology, BioInvent develops immunotherapies to improve and prolong cancer patients' lives. The company strives for excellence in drug development, and nurtures its relations with investors, payers, commercial partners, academia, research institutes, patients and regulatory authorities. Altogether, this maximizes the opportunities to create better health for cancer patients and significant value for our shareholders.
BioInvent's current operational activities are focused on:
Pipeline
BioInvent's lead drug candidate BI-1206 is a fully human antibody targeting CD32b, an immunosuppressive protein that is expressed in some patients with B-cell cancers. Research has shown that the expression of CD32b could lead to the development of resistance to rituximab, the current standard of care treatment of non-Hodgkin lymphoma (NHL) and chronic lymphocytic leukaemia (CLL). As a result, BI-1206 is being developed as a drug candidate in combination with rituximab, in B-cell cancers.
The first clinical study (Phase I/II) with BI-1206 is currently ongoing in patients with NHL and CLL who are resistant to rituximab. The initial safety and dose readouts from this study are expected in the first half of 2018. The study is financed and executed by Cancer Research UK (CRUK), Cancer Research Technology (CRT) and Leukaemia & Lymphoma Research (LLR).
In Q3, BioInvent announced plans to expand the therapeutic potential of BI-1206 with an additional Phase I/IIa clinical study in combination with rituximab. The study is planned to include approximately twenty patients with relapsed or refractory CD32b-positive Non-Hodgkin Lymphoma (NHL). The targeted populations are patients with Mantle Cell Lymphoma, Follicular Lymphoma, and Marginal Zone Lymphoma. The trial is planned to start in H1 2018. It will be an open-label, single arm study, and the last patient is expected to finish the trial before the end of 2019.
TB-403 is a humanised antibody directed against the PlGF protein, which is believed to inhibit its signaling via the Nrp-1 receptor. PlGF is expressed in certain paediatric cancers including medulloblastoma, Ewing's sarcoma, neuroblastoma and alveolar rhabdomyosarcoma.
TB-403 is currently in a Phase I/II study for the treatment of patients with medulloblastoma in cooperation with a US based pediatric oncology network, Beat Childhood Cancer. The study progresses and the second dose level is ongoing.
TB-403 has received Orphan Drug Designation for medulloblastoma from the European Medicines Agency.
TB-403 is being developed in collaboration with Oncurious, a subsidiary of ThromboGenics. In July 2017, BioInvent's ownership in TB-403 increased from 40 to 50 percent following renegotiation of the longstanding collaboration agreement signed in 2004. BioInvent continues to contribute 50 percent of the development costs.
THR-317 is being evaluated in a Phase II trial in patients with diabetic macular edema (DME). In July 2017 the cooperation agreement from 2004 was renegotiated. Under the amended arrangement, ThromboGenics gains full and exclusive ownership of THR-317 for development and commercialization in all non-oncology indications. ThromboGenics will continue to carry all costs for the development of THR-317 in non-oncology indications, and BioInvent is entitled to five percent of the project's economic value.
BioInvent's preclinical research is focused on developing novel immuno-modulatory antibodies to significantly improve on the efficacy of currently available checkpoint inhibitor therapies for the treatment of patients with cancer. These novel antibodies may also activate anti-cancer immunity in currently non-responding patients and cancer types.
BioInvent is developing antibodies that can overcome the effects of two key cells that suppress the immune system in the tumour micro-environment. These are:
Tregs can substantially inhibit various immune responses enabling tumour cells to escape detection. BioInvent is currently developing antibodies to modulate specific currently undetermined Treg targets and functions as well as for known targets such as OX-40 and 4-1BB.
BioInvent is currently working to expand the pool of antibodies and targets that have been shown to be associated with Treg specificity and Treg depleting activity.
BioInvent is working in cooperation with Cancer Research Technology and the University of Southampton in the UK to develop new immunotherapeutic cancer drugs based on antibodies that target OX-40 and 4-1BB, two known co-receptors that help activate T cells, to produce long-lasting anti-tumour immune responses.
In December 2016, BioInvent announced that it has entered into a cancer immunotherapy research collaboration and license agreement with Pfizer Inc. to develop antibodies targeting tumour-associated myeloid cells. BioInvent will leverage its expertise to identify novel oncology targets and therapeutic antibodies that inhibit cancer growth either by reversing the immunosuppressive activity of tumourassociated myeloid cells or by reducing the number of tumour-associated myeloid cells in the tumour.
Under the terms of the agreement BioInvent could be eligible for potential future development milestones in excess of \$0.5 billion (assuming five antibodies are developed through to commercialisation). The Company could also receive up to double digit royalties related to product sales. In return Pfizer will have the right to develop and commercialise any antibodies generated from this agreement.
Pfizer has paid BioInvent an upfront payment of \$3 million when the agreement was signed and is committed to paying \$1 million in research funding during 2017. Pfizer has also made a \$6 million equity investment in new shares of BioInvent when the agreement was signed.
The Company currently has several antibody manufacturing agreements with major pharma and biotech companies. Given its production capacity and expertise, BioInvent is actively seeking to secure more manufacturing contracts to generate further revenue.
The Company has also several licensing agreements and, in some cases, research collaborations with several external partners including Bayer Pharma, Daiichi Sankyo, Mitsubishi Tanabe Pharma and Xoma. The structure and terms of these agreements and partnerships vary, but they all have in common that BioInvent receives license fees, research financing, milestone payments and royalties on the sale of commercial products. Of these external drug development programs, five projects are currently in Phase I and one is in the preclinical phase.
Net sales amounted to SEK 7.1 million (0.8). Revenues for the period are derived from production of antibodies for clinical studies and revenues from research funding.
The Company's total costs amounted to SEK 29 million (29). Operating costs are divided between external costs of SEK 18 million (19), personnel costs of SEK 11 million (11) and depreciation of SEK 0.8 million (0.2). Research and development costs amounted to SEK 21 million (22).
Profit/loss after tax amounted to SEK -21 million (-29). The net financial items amounted to SEK 0.0 million (0.0). Earnings per share before and after dilution amounted to SEK -0.07 (-0.10).
Net sales amounted to SEK 31 million (40). Revenues for the period are derived from production of antibodies for clinical studies, revenues from research funding, and a €0.5 million milestone payment received in April 2017 under the collaboration with Mitsubishi Tanabe Pharma in connection with the approval of starting a Phase I study. BioInvent announced in February 2016 that a EUR 2 million milestone payment had been received under the collaboration with Daiichi Sankyo pertaining to the progression of a Phase I clinical trial.
The Company's total costs amounted to SEK 99 million (97). Operating costs are divided between external costs of SEK 59 million (60), personnel costs of SEK 38 million (36) and depreciation of SEK 1.7 million (0.5). Research and development costs amounted to SEK 72 million (73).
Profit/loss after tax amounted to SEK -67 million (-55). The net financial items amounted to SEK 0.1 million (0.2). Earnings per share before and after dilution amounted to SEK -0.22 (-0.23).
As of 30 September 2017, the Group's liquid funds amounted to SEK 163 million (196). The cash flow from operating activities and investment activities for the January - September period amounted to SEK -64 million (-54).
The shareholders' equity amounted to SEK 163 million (184) at the end of the period. The Company's share capital at the end of the period was SEK 24 million. The equity/assets ratio at the end of the period was 84 (85) per cent. Shareholders' equity per share amounted to SEK 0.54 (0.65). The Group had no interest-bearing liabilities.
Investments for the January - September period in tangible fixed assets amounted to SEK 10 million (4.4).
All operations of the Group are conducted by the Parent Company. The Group's and the Parent Company's financial statements coincide in every material way.
As of 30 September 2017, BioInvent had 52 (51) employees. 46 (45) of these work in research and development.
The 2013 Annual General Meeting voted in favour of establishing a new, long-term employee incentive programme involving the allotment of a maximum of 900,000 employee options free of charge to all Group employees.
The employees will receive options based on their performance in the 2013, 2014 or 2015 financial years and allotment will take place in connection with the publication of the year-end financial statement for the subsequent year. Each employee option will entitle the holder to acquire 1.207 new share in BioInvent for a subscription price of SEK 2.92 during the period from the date of publication of the Company's year-end financial statement for the 2016 financial year up to and including 1 December 2017. Subscription price and number of shares that each employee option entitles to are converted pursuant to rights issues carried out. Allotment of 100,747 employee options took place in February 2014, 74,516 employee options took place in February 2015 and 50,250 employee options in February 2016.
To guarantee BioInvent's commitment and cover the costs associated with Employee Incentive programme 2013/2017, the 2013 Annual General Meeting resolved to issue a maximum of 1,182,780 warrants to BioInvent Finans AB.
If all allotted employee options relating to Employee Incentive Programme 2013/2017 are exercised for subscription of new shares and the additional warrants ensuring BioInvent's costs in relation to the allotted employee options, the Company's share capital will increase by SEK 28,617 equivalent to about 0.1 percent of shares and votes in the Company after full exercise.
The 2016 Annual General Meeting resolved to adopt an incentive programme for the company's employees in the form of a subscription warrants programme. Under the programme 957,571 subscription warrants have been transferred with a maximum dilution effect of approximately 0.3 percent.
The programme includes all employees except the CEO and other senior executives comprised by the retention bonus programme implemented in 2015. The subscription warrants are transferred at market value and each employee may be allotted a maximum of 50,000 subscription warrants. 855,000 subscription warrants were transferred in the second quarter 2016 and 102,571 subscription warrants were transferred by the end of December 2016. Subscription of shares by exercise of subscription warrants shall take place during the period from and including 1 July 2019 up to and including 1 December 2019. The subscription price per share shall be SEK 2.81. As part of the incentive programme, participants who remain in their employment with the company as per 1 June 2019 receive a stay-on bonus corresponding to two times the amount paid for the acquired subscription warrants, however no more than SEK 60,000.
The 2017 Annual General Meeting resolved to adopt a Board share program for the members of the Board, whereby the members of the Board who wish to participate in the program are allocated 45 per cent of the basic fee for the Board assignment in the form of shares in BioInvent to a number that at the time of allocation in terms of value is equivalent to 45 per cent of the fee. The resolution includes a directed issue of a maximum of 900,000 warrants (corresponding to approximately 0.3 per cent of the total number of shares and votes in the company) and approval of transfer or warrants in order to secure the fulfilment of the company's obligations under the program. Subscription of shares by virtue of the warrants shall be made no later than 30 July 2018 and the subscription price per share shall amount to the share's quota value (presently SEK 0.08).
The 2017 Annual General Meeting resolved to adopt a long-term incentive program in the form of an option program comprising management and other key persons, entailing a directed issue of maximum of 7,117,000 warrants (corresponding to approximately 2.3 per cent of the total number of shares and votes in the company) and approval of transfer of warrants to secure the fulfilment of the company's obligations under the program and social security charges. The program means that the participants may be allotted a maximum of 5,650,000 warrants depending on performance and the company's long-term value growth. Each option entitles the holder to subscribe for one new share in BioInvent during the period from the day of release of the company's year-end report for the financial year 2019 up to and including 15 December 2020. The subscription price per share shall be SEK 3.00.
Employees will vest 50% of the options based on performance during each of the financial years 2017, 2018 and 2019, and 50% based on the company's long-term value growth during the term of the program. The performance criteria for the participants shall be based on the same criteria as for the annual bonus, which principally are based on fixed technical milepost-criteria in projects, criteria for development of the project portfolio and other pre-determined criteria attributable to the business. The outcome criteria for the company's long-term value growth are that the company's market cap shall be at least three times as large during the period 1 July – 31 December 2019, calculated as an average in the same manner as the Subscription Price, in comparison with the market cap during the measure period for determination of the Subscription Price, calculated correspondingly. Allotment shall be proportional in relation to the period of employment during the year in question.
Vesting for other key persons shall amount to one third for each of the financial years 2017-2019 and be based on the assessment by the Board as to whether and to what extent the relevant person has contributed positively to the fulfilment of goals to be achieved by the relevant person and to the general development of the company during the respective financial year.
The program has been implemented in the third quarter and includes currently 9 persons. BioInvent has during the third quarter of 2017, under the terms of the program, issued 7,117,000 warrants in BioInvent to the subsidiary BioInvent Finans AB, as security for the company's fulfillment of the delivery of shares when options are exercised and liquidity for payment of social security contributions.
For description of benefits to senior executives, see page 41 in the company's annual report 2016. The Company has, in accordance with the decision of the Annual General Meeting 2015 decided to implement a retention bonus programme which for a three-year period may amount to a maximum of 100 per cent of the fixed salary for a year. Otherwise there are no transactions with related parties, in accordance with IAS 24, to report.
The Company's operations are associated with risks related to factors such as pharmaceutical development, clinical trials and product responsibility, commercialisation and partners, competition and fast technological development, biotechnology and patent risk, compensation for pharmaceutical sales, qualified personnel and key individuals, additional financing requirements, currency risk and interest risk. The risks summarize the factors of significance for BioInvent and thus an investment in the BioInvent share.
No significant changes to the risks and uncertainty factors occurred during the period. For a more detailed description of risk factors, see section "Risks and Risk Management", page 26, in the company's annual report 2016.
This interim report in brief for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable parts of the Annual Accounts Act. The interim report of the Parent Company has been prepared in accordance with Chapter 9 of the Annual Accounts Act. For the Group and the Parent Company, the same accounting policies and accounting estimates and assumptions were applied to this interim report as were used in the preparation of the most recent annual report.
Changes in IFRS standards entered into force in 2017 has had no material impact on the financial statements. The financial statements of the Parent company coincide in every material way with the consolidated financial statements.
The definition of alternative performance measures not defined by IFRS is unchanged from those presented in the most recent annual report.
The Annual General Meeting will be held on Tuesday 24 April 2018 at 4 p.m. in Lund.
BioInvent will present the following financial reports:
Financial statement 2017: 27 February 2018
| 3 MONTHS 2017 July-Sep. |
3 MONTHS 2016 July-Sep. |
9 MONTHS 2017 Jan.-Sep. |
9 MONTHS 2016 Jan.-Sep. |
12 MONTHS 2016 Jan.-Dec. |
|
|---|---|---|---|---|---|
| Net sales | 7,141 | 812 | 31,478 | 40,495 | 71,284 |
| Operating costs Research and development costs Sales and administrative costs Other operating revenues and costs |
-20,837 -8 140 383 -28,594 |
-21,621 -7,769 18 -29,372 |
-72,252 -26 909 367 -98,794 |
-73,291 -23,710 975 -96,026 |
-99,477 -35,715 1,049 -134,143 |
| Operating profit/loss | -21,453 | -28,560 | -67,316 | -55,531 | -62,859 |
| Profit/loss from financial investments | 24 | 20 | 78 | 228 | 272 |
| Profit/loss before tax | -21,429 | -28,540 | -67,238 | -55,303 | -62,587 |
| Tax | - | - | - | - | - |
| Profit/loss | -21,429 | -28,540 | -67,238 | -55,303 | -62,587 |
| Other comprehensive income Items that have been or may be reclassified subsequently to profit or loss |
- | - | - | - | - |
| Comprehensive income | -21,429 | -28,540 | -67,238 | -55,303 | -62,587 |
| Other comprehensive income attributable to parent company's shareholders |
-21,429 | -28,540 | -67,238 | -55,303 | -62,587 |
| Earnings per share, SEK Before dilution After dilution |
-0.07 -0.07 |
-0.10 -0.10 |
-0.22 -0.22 |
-0.23 -0.23 |
-0.25 -0.25 |
| 2017 | 2016 | 2016 | |
|---|---|---|---|
| 30 Sep. | 30 Sep. | 31 dec. | |
| Assets | |||
| Fixed assets | |||
| Intangible fixed assets | 0 | 0 | 0 |
| Tangible fixed assets | 13,932 | 5,243 | 5,648 |
| Total fixed assets | 13 932 | 5,243 | 5,648 |
| Current assets | |||
| Inventories | 4,626 | 1,282 | 1,918 |
| Current receivables | 12,821 | 14,352 | 42,618 |
| Liquid funds | 162,551 | 196,418 | 226,114 |
| Total current assets | 179,998 | 212,052 | 270,650 |
| Total assets | 193,930 | 217,295 | 276,298 |
| Shareholders' equity and liabilities | |||
| Shareholders' equity | 163,391 | 184,183 | 230,437 |
| Current liabilities | 30,539 | 33,112 | 45,861 |
| Shareholders' equity and liabilities | 193,930 | 217,295 | 276,298 |
| 2017 July-Sep. |
2016 July-Sep. |
2017 Jan.-Sep. |
2016 Jan.- Sep. |
2016 Jan.-Dec. |
|
|---|---|---|---|---|---|
| Shareholders' equity at beginning of period | 184,597 | 212,692 | 230,437 | 29,454 | 29,454 |
| Comprehensive income | |||||
| Profit/loss | -21,429 | -28,540 | -67,238 | -55,303 | -62,587 |
| Comprehensive other income Total comprehensive income |
- -21,429 |
- -28,540 |
- -67,238 |
- -55,303 |
- -62,587 |
| Total, excluding transactions with equity holders of the Company |
163,168 | 184,152 | 163,199 | -25,849 | -33,133 |
| Transactions with equity holders of the | |||||
| Company | |||||
| Employee options programme | 223 | 31 | 192 | 12 | 58 |
| Transfer of subscription warrants | 479 | 587 | |||
| Rights issue and directed new share issue | 209,541 | 209,541 | |||
| Rights issue | 53,384 | ||||
| Shareholders' equity at end of period | 163,391 | 184,183 | 163,391 | 184,183 | 230,437 |
The share capital as of 30 September 2017 consists of 304,695,213 shares and the share's ratio value is 0.08. The rights issue and the directed new share issue carried out in April 2016 raised SEK 209,541 thousand after issue expenses of SEK 24,074 thousand. The directed new share issue carried out in December 2016 raised SEK 53,384 thousand after issue expenses of SEK 2,868 thousand.
| 2017 | 2016 | 2017 | 2016 | 2016 | |
|---|---|---|---|---|---|
| July-Sep. | July-Sep. | Jan.-Sep. | Jan.- Sep. | Jan.-Dec. | |
| Operating activities | |||||
| Operating profit/loss | -21,453 | -28,560 | -67,316 | -55,531 | -62,859 |
| Depreciation Adjustment for other non-cash items |
778 223 |
172 31 |
1,731 192 |
515 12 |
996 58 |
| Interest received and paid | 35 | 22 | 35 | 22 | 34 |
| Cash flow from operating activities | |||||
| before changes in working capital | -20,417 | -28,335 | -65,358 | -54,982 | -61,771 |
| Changes in working capital | -6,016 | 3,282 | 11,810 | 5,842 | -10,278 |
| Cash flow from operating activities | -26,433 | -25,053 | -53,548 | -49,140 | -72,049 |
| Investment activities | |||||
| Acquisition of tangible fixed assets | -3,790 | -2,988 | -10,015 | -4,435 | -5,322 |
| Cash flow from investment activities | -3,790 | -2,988 | -10,015 | -4,435 | -5,322 |
| Cash flow from operating activities and | |||||
| investment activities | -30,223 | -28,041 | -63,563 | -53,575 | -77,371 |
| Financing activities | |||||
| Transfer of subscription warrants | 479 | 587 | |||
| Rights issue and directed new share issue | 209,541 | 209,541 | |||
| Directed new share issue | 53,384 | ||||
| Cash flow from financing activities | - | - | - | 210,020 | 263,512 |
| Change in liquid funds | -30,223 | -28,041 | -63,563 | 156,445 | 186,141 |
| Opening liquid funds | 192,774 | 224,459 | 226,114 | 39,973 | 39,973 |
| Liquid funds at end of period | 162,551 | 196,418 | 162,551 | 196,418 | 226,114 |
| Liquid funds, specification: | |||||
| Current investments | 30,060 | - | 30,060 | - | - |
| Cash and bank | 132,491 | 196,418 | 132,491 | 196,418 | 226,114 |
| 162,551 | 196,418 | 162,551 | 196,418 | 226,114 |
| 2017 | 2016 | 2016 | |
|---|---|---|---|
| 30 Sep. | 30 Sep. | 31 dec. | |
| Shareholders' equity per share at end of period, SEK | 0.54 | 0.65 | 0.76 |
| Number of shares at end of period (thousand) | 304,695 | 282,722 | 304,695 |
| Equity/assets ratio, % | 84.3 | 84.8 | 83.4 |
| Number of employees at end of period | 52 | 51 | 51 |
| 3 MONTHS 2017 |
3 MONTHS 2016 |
9 MONTHS 2017 |
9 MONTHS 2016 |
12 MONTHS 2016 |
|
|---|---|---|---|---|---|
| July-Sep. | July-Sep. | Jan.-Sep. | Jan.-Sep. | Jan.-Dec. | |
| Net sales | 7,141 | 812 | 31,478 | 40,495 | 71,284 |
| Operating costs | |||||
| Research and development costs | -20,837 | -21,621 | -72,252 | -73,291 | -99,477 |
| Sales and administrative costs | -8,140 | -7,769 | -26,909 | -23,710 | -35,715 |
| Other operating revenues and costs | 383 -28,594 |
18 -29,372 |
367 -98,794 |
975 -96,026 |
1,049 -134,143 |
| Operating profit/loss | -21,453 | -28,560 | -67,316 | -55,531 | -62,859 |
| Profit/loss from financial investments | 24 | 20 | 78 | 228 | 272 |
| Profit/loss after financial items | -21,429 | -28,540 | -67,238 | -55,303 | -62,587 |
| Tax | - | - | - | - | - |
| Profit/loss | -21,429 | -28,540 | -67,238 | -55,303 | -62,587 |
| Other comprehensive income | - | - | - | - | - |
| Comprehensive income | -21,429 | -28,540 | -67,238 | -55,303 | -62,587 |
| 2017 | 2016 | 2016 | |
|---|---|---|---|
| Assets | 30 Sep. | 30 Sep. | 31 Dec. |
| Fixed assets | |||
| Intangible fixed assets | 0 | 0 | 0 |
| Tangible fixed assets | 13,932 | 5,243 | 5,648 |
| Financial fixed assets | 687 | 579 | 687 |
| Total fixed assets | 14,619 | 5,822 | 6,335 |
| Current assets | |||
| Inventories | 4,626 | 1,282 | 1,918 |
| Current receivables | 12,821 | 14,352 | 42,618 |
| Current investments | 30,060 | - | - |
| Cash and bank | 132,491 | 196,418 | 226,114 |
| Total current assets | 179,998 | 212,052 | 270,650 |
| Total assets | 194,617 | 217,874 | 276,985 |
| Shareholders' equity and liabilities | |||
| Shareholders' equity | |||
| Restricted equity | 52,069 | 50,311 | 52,069 |
| Non-restricted equitys | 111,360 | 133,910 | 178,406 |
| Total shareholders' equity | 163,429 | 184,221 | 230,475 |
| Liabilities | |||
| Current liabilities | 31,188 | 33,653 | 46,510 |
| Total shareholders' equity and liabilities | 194,617 | 217,874 | 276,985 |
Lund, 26 October 2017
Michael Oredsson President and CEO
We have reviewed the summarised interim financial information for BioInvent International AB (publ) on 30 September 2017 and for the nine month period then ended. The board of directors and the CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical
and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the International Standards on Auditing, ISA, and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit.
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, for the group's part according to IAS 34 and the Annual Accounts Act and for the parent company's part according to the Annual Accounts Act.
Malmö, 26 October 2017 KPMG AB
Eva Melzig Authorised Public Accountant
BioInvent International AB (publ)
Co. reg. no. 556537-7263 Address: Sölvegatan 41, 223 70 Lund Tel.: +46 (0)46 286 85 50 [email protected]
This interim report contains statements about the future, consisting of subjective assumptions and forecasts for future scenarios. Predictions for the future only apply as of 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 out-come may deviate significantly from the scenarios described in this press release.
This information is information that BioInvent International AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 8.30 a.m. CET, on 26 October, 2017.
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