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BioInvent International

Annual / Quarterly Financial Statement Feb 18, 2015

3011_10-k_2015-02-18_735f1bcc-816d-4cdf-932f-9aca6fbc7908.pdf

Annual / Quarterly Financial Statement

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PRESS RELEASE 18 February 2015

BioInvent Financial Statement

1 January – 31 December 2014

BioInvent secures funding of Phase I/II study with BI-1206

Fourth quarter 2014, October – Dectember

  • Net sales for October December 2014 amounted to SEK 1.7 (50) million.
  • Earnings after tax for October December 2014: SEK -28 (20) million.
  • Earnings after tax per share for October December before and after dilution: SEK -0.25 (0.24).
  • Cash flow from current operations and investment activities for October – December 2014: SEK -25 (25) million.

Full year report 2014, January – December

  • Net sales for January December 2014 amounted to SEK 47 (82) million.
  • Earnings after tax for January December 2014: SEK -54 (-18) million.
  • Earnings after tax per share for January December before and after dilution: SEK -0.53 (-0.23).
  • Liquid funds as of 31 December 2014: SEK 46 (65) million. Cash flow from current operations and investment activities for January – December 2014: SEK -76 (-55) million.

Important events in the fourth quarter and after the reporting period

  • BioInvent announced in January that the antibody BI-1206 will advance to a Phase I/II trial with full funding by Cancer Research UK, CRT and LLR.
  • BioInvent announced in January that Anna Wickenberg was appointed as Head of Clinical Development.

Comments from the CEO

"Cancer Research UK's decision to conduct a phase I/II study with BI-1206, on behalf of BioInvent, represents a value of more than SEK 60 million to BioInvent. Their decision to initiate clinical trials of BI-1206 is based on the convincing preclinical documentation we have developed for the antibody and which we intend to publish in a highly ranked scientific journal.

Our aim is to start additional important clinical studies for other antibodies in 2015, based on funding models similar to the one agreed with CRUK. This means significant cost savings for BioInvent whilst preserving the value of the projects and gaining access to a network of leading clinicians.

This year we will invest a large portion of our preclinical resources in the T-reg and TAM programs, where our platform F.I.R.S.T.™ is an "engine" to develop novel immuno oncology drugs. These broad programs are important components of our ongoing business development efforts and we see good opportunities in 2015 to create licensing deals where BioInvent retains significant strategic value in the programs.

I see a unique opportunity in progressing our products in clinical trials in orphan indications, where we have a possibility to create patient benefits compared to current standard of care, and hence create significant value through multiple clinical milestones in the coming years.", said Michael Oredsson, CEO of BioInvent.

Contact

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 BioInvent International AB, listed on the NASDAQ Stockholm (BINV), is a research-based pharmaceutical company focused on discovery and development of innovative antibody-based drugs against cancer.

The company has unique expertise in antibody drug development from initial concept to late clinical phase. The screening tool F.I.R.S.T. TM and the antibody library n-CoDeR® are two patented tools that enable identification of relevant human antibodies and disease targets during the discovery phase. BioInvent has also considerable experience in and a facility for process development and production of antibodies for clinical studies. The scope and strength of this platform is also used to develop antibody-based drugs in collaboration with partners who finance the development of new drugs, and provide BioInvent with the right to milestone payments and royalties on sales. These partners include Bayer Pharma, Daiichi Sankyo, Mitsubishi Tanabe Pharma, Servier, and Xoma.

Project overview

BioInvent is building a clinical portfolio within oncology with optimised risk profile and increased focus on revenues and strategic value creation.

Project Primary Indication Discovery Preclinic Phase I Phase II Collaboration
Development pipeline
BI-505 Multiple Myeloma
BI-1206 NHL University of Southampton
Preclinical pipeline (based on F.I.R.S.T.TM and n-CoDeR®)
T-reg Oncology University of Southampton
Tumor Macrophage Oncology Cancer Research Technology
AML Hematologic cancer
CLL Hematologic cancer

Multiple myeloma (BI-505)

Background

Candidate drug BI-505 is a human antibody that specifically binds to the ICAM-1 adhesion protein (also known as CD54). Expression of ICAM-1 is elevated in tumour cells, which makes it a suitable target for a candidate drug. BI-505 exerts its antitumour activity by inducing cell death of myeloma cells and by involving the patient's immune cells, known as macrophages, to attack myeloma cells. Macrophages are abundant in the bone marrow of myeloma patients, where they are thought to contribute to disease progression and development of resistance to currently available drugs. The ability of BI-505 to engage these disease-associated, disease-driving, immune cells to kill myeloma cells is therefore a very interesting mechanism of action. BI-505 has a new mechanism contributing to the effective killing of myeloma cells. In several animal models, BI-505 proved to be very effective at killing tumours and more effective than existing drugs. The number of newly diagnosed patients with multiple myeloma worldwide is estimated at approx. 60,000 per year.

BI-505 has received Orphan Drug Designation for multiple myeloma by the U.S. Federal Drug Administration (FDA) and European Medicines Agency (EMA).

Project status

The initial results from the phase I study of BI-505 on patients in advanced stages of the malignant disease multiple myeloma were reported in January 2013. The study showed a good safety profile for BI-505, and in those dosage groups to which extended therapy was offered, 24% of the patients demonstrated stable disease for at least two months, indicating a beneficial effect of BI-505. Optimal dose for further development was determined according to the study protocol and is being used in the current clinical phase ll trial.

Results from the phase I study were presented in April 2013 at the International Myeloma Workshop 2013 in Kyoto, Japan. New preclinical data were presented on the same occasion and in December 2013 in New Orleans, USA, showing significantly enhanced antitumour effect when BI-505 is combined with the approved drugs Velcade® or Revlimid® , compared with monotherapy with these drugs. Velcade® and Revlimid® together represent an annual sales value of about USD 6 billion.

In April 2013 the journal Cancer Cell presented data showing preclinical proof-of-concept both for BI-505, and for BioInvent's function-based F.I.R.S.T.™ platform with which the antibody was developed. The article presents data showing the potent antitumour effect of BI-505 in several preclinical multiple myeloma models.

In the first quarter and early in the second quarter of 2014, two additional patients were dosed in the ongoing phase II study of BI-505. The study is carried out in patients with asymptomatic multiple myeloma ("smouldering multiple myeloma"). Patients with asymptomatic myeloma have no clinical symptoms; the disease can only be seen in laboratory tests. The study includes up to 10 patients and evaluates how BI-505 affects disease activity in these patients. Secondary objectives include safety, pharmacokinetics and evaluation of biomarkers.

BioInvent have discussions with potential partners in order to run a phase II study in multiple myeloma with BI-505 in combination with an existing drug.

Hematologic cancer (BI-1206)

Background

BI-1206 is a so-called antagonistic (blocking) antibody aimed at the immunosuppressive target protein Fc gamma receptor IIB, CD32b. CD32b is overexpressed on tumour cells in patients with lymphoma, and this overexpression correlates with poor response to currently available drugs. Data show that CD32b is directly involved in the development of tumour cell resistance to the current state-of-the-art treatment – rituximab (Rituxan® , Mabthera® , Roche), an antibody directed against target protein CD20. In line with this, combined treatment with BI-1206 and rituximab, with annual sales of about USD 7.9 billion, demonstrated significantly improved antitumour effects compared to monotherapy with rituximab when investigated in clinically relevant animal models. Combination therapy with BI-1206 and rituxumab therefore has potential to significantly improve treatment of patients with non-Hodgkin's lymphoma. This hypothesis will be investigated in a clinical study beginning in 2015.

BI-1206 has also shown an effect through directly killing lymphoma cells on its own in preclinical models using tumour cells taken directly from patients. Moreover, other groups have shown that animals lacking CD32b (CD32b knockout mice) respond better to antibody treatment and are better able to kill tumour cells in a lung cancer model compared with animals that have the CD32b protein. These results show that BI-1206 may also have the potential to be used as monotherapy by blocking the immunosuppressive effect of CD32b. This would in turn create a more immunostimulatory environment and thereby enhance the therapeutic effect of several other immuno-oncological drugs.

BI-1206 will initially be developed for severely ill patients with blood cancer and work is currently underway to prioritize the most relevant patient group. Preclinical studies are also planned to assess the potential for this antibody to be effective in other types of hematologic cancer, in solid tumours and in combination with antibodies other than rituximab. The product is developed in collaboration with a leading research group in Southampton, England. Various studies, have shown that as many as half of all cancer patients who responded to an initial Rituxan® treatment proved to be resistant to the drug at relapse.

Project status

In Q1 2015,BioInvent secured funding for a phase l/ll study involving BI-1206 in cooperation with CRUK. The study will be carried out at a number of clinics in the UK, in partnership with world-leading researchers and investigators from the University of Southampton, and will include 60 patients with NHL. The study will investigate whether BI-1206 can safely administered with rituximab, and whether this produces an improved effect compared with BI-1206 as monotherapy. The first patient is expected to be included in the study in late 2015.

In addition, an important toxicology study has been carried out to support the regulatory application ahead of the start of the study, and the drug for the study has been produced.

Technology platform

BioInvent's patented F.I.R.S.T.™ platform is a unique approach that, in combination with n-CoDeR® antibody library, offers the advantage of simultaneously identifying disease-associated targets and antibodies which bind to them. The method is based on simultaneous investigation of antibody binding to both diseased and healthy tissue in order to specifically select those antibodies and target structures that are unique for diseased tissue in terms of binding and expression.

In recent years BioInvent has successfully used the F.I.R.S.T.TM platform to discover own new antibodies, e.g. BI-505. In the first quarter and early second quarter of 2014 BioInvent initiated the launch of the technology broadly in relation to international biotech and pharmaceutical companies, and this work continued throughout 2014.

To develop successful drugs BioInvent believes that even during the early development phase it is essential to focus on recreating in the laboratory the biology relevant to human diseases. Consequently, in the F.I.R.S.T.™ methodology we use only biological material obtained directly from patients. In the current situation we have focused on using F.I.R.S.T.™ in the development of immunomodulatory therapies that enhance the immune response to haematological cancer. In the next step of research and development, we also use unique patient cell based models developed by BioInvent specifically for the Company's purposes. We believe this strategy will lead to more predictable results with a lower risk of failure in later development phases.

Partner's Projects

Project Discovery Preclinic Phase I Phase II
Partner's projects (based on n-CoDeR®)1)
Partner project 1
Partner project 2
Partner project 7
Partner project 4
Partner project 3
Partner project 5
Partner project 6
Partner project 8
Partner project 9
>10 projects

1) Include Bayer Pharma, Daiichi Sankyo, Mitsubishi Tanabe Pharma, Servier and Xoma

The Company is already conducting research and development of antibody-based drugs in cooperation with other external partners such as Bayer Pharma, Daiichi Sankyo, Mitsubishi Tanabe Pharma, Servier and Xoma. The structure of the various collaborations may vary, but common to them is that all cover different types of licenses for the antibody library n-CoDeR® and that the partners finance the development. BioInvent receives licence fees and research financing, as well as milestone payments and royalties on sales of commercial products. The contribution from these external drug programmes to the Company's drug portfolio today consists of four clinical phase I projects, whereof three have entered the clinical phase in 2014, and five projects in the preclinical phase and more than ten projects in the early research phase. These partner projects may yield significant revenues for the future. In September 2014 BioInvent received a milestone payment from Bayer as the first patient was enrolled in a phase I clinical trial.

Revenues and result

October-December

Net sales for the October-December period amounted to SEK 1.7 million (50). Revenues for the period are derived from partners developing therapeutic antibodies from the n-CoDeR® antibody library. BioInvent received in the fourth quarter of 2013 a significant license fee when BioInvent and Bayer extended and broadened the collaboration for the development of therapeutic antibodies.

The Company's total costs for the October-December period amounted to SEK 31 million (30). Operating costs are divided between external costs of SEK 23 million (14), personnel costs of SEK 8.2 million (15) and depreciation of SEK 0.5 million (0.7). Personnel costs as per 31 December 2013 included a provision of SEK 2.1 million for dismissal payments to the former acting CEO Cristina Glad and provisions for restructuring costs (personnel costs) of SEK 4.4 million in connection with cutbacks in the work force. Research and development costs for October-December amounted to SEK 23 million (21).

Earnings after tax for October-December amounted to SEK -28 million (20). The net financial items, October-December, amounted to SEK 0.2 million (0.6). Earnings per share before and after dilution, October-December, amounted to SEK -0.25 (0.24).

January-December

Net sales for the January-December period amounted to SEK 47 million (82). Revenues for the period are derived from partners developing therapeutic antibodies from the n-CoDeR® antibody library and

from sales of the Company's rights to the drug development candidate ADC-1013 to Alligator Bioscience AB.

The Company's total costs for the January-December period amounted to SEK 105 million (101). Operating costs are divided between external costs of SEK 69 million (46), personnel costs of SEK 34 million (52) and depreciation of SEK 2.0 million (2.9). Research and development costs for the January-December period amounted to SEK 73 million (71).

During the period financial support from the EU's framework programme was reported for early research projects. The subsidy amounted to SEK 3.4 million (0.9) and has been reported in the income statement under "Other operating revenues and costs".

Earnings after tax for the January-December period amounted to SEK -54 million (-18). The net financial items amounted to SEK 0.9 million (1.1). Earnings per share before and after dilution amounted to SEK -0.53 (-0.23).

Financial position and cash flow

As of 31 December 2014, the Group's liquid funds amounted to SEK 46 million (65). The cash flow from current operations and investment activities for the January-December period amounted to SEK -76 million (-55). In 2014 reported but not yet paid revenues and payment of restructuring costs from 2013 affected cash flow negatively in 2014. Payment of reserves from 2012 for remaining costs of the TB-402 project and for restructuring costs affected cash flow negatively in 2013.

The extraordinary general meeting in March 2014 approved the Board of Directors' resolutions in February 2014 to carry out a new share issue with pre-emptive rights for shareholders of SEK 48.9 million and a directed new share issue of SEK 15.0 million. The new share issues were completed in April 2014 and amounts to a total of SEK 63.9 million before issue costs. The subscription price for the new share issues was set to SEK 2.30 per share. The rights issue was oversubscribed. The shares in the directed new share issue have been subscribed by two investors of institutional character; Henrik Rhenman through Rhenman Healthcare Equity L/S and Peter Thelin through East Bay AB. After the share issue the share capital consists of 112,790,050 shares.

The shareholders' equity amounted to SEK 52 million (49) at the end of the period. The Company's share capital at the end of the period was SEK 9.0 million. The equity/assets ratio at the end of the period was 71 (60) per cent. Shareholders' equity per share amounted to SEK 0.46 (0.58). The Group had no interest-bearing liabilities.

Investments

Investments in tangible fixed assets amounted to SEK 0.4 million (0.0). No investments were made in intangible assets during the period (-).

Parent company

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.

Organisation

As of 31 December 2014, BioInvent had 37 (43) employees. 31 (36) of these work in research and development.

Employee Incentive Programme

Employee Incentive Programme 2011/2015

The 2011 Annual General Meeting voted in favour of complementing the already established Employee Incentive Programme 2008/2012 aimed at newly employed senior executives and key individuals not participating in Employee Incentive Programme 2008/2012. The number of employee options was within the framework of the number of options still not exercised in Employee Incentive Programme 2008/2012, including previous supplementary programmes.

Each employee option entitles the holder to acquire 1.069 new shares in BioInvent for a subscription price of SEK 28.42 up to 1 December 2015. Subscription price and number of shares that each employee option entitles to are converted pursuant to rights issues carried out. Under the programme 48,105 employee options have been allotted.

Employee Incentive Programme 2013/2017

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 1.064 new share in BioInvent for a subscription price of SEK 3.31 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 and 74,516 employee options took place in February 2015.

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 fully exercised, Employee Incentive Programme 2011/2015 and Employee Incentive Programme 2013/2017 will represent a dilution equivalent to around 1.1 percent of the shares in the Company.

Risk factors

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 aforementioned 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 30, in the company's annual report 2013.

Accounting principles

This financial statement was prepared in accordance with IAS 34, Interim Financial Reporting, and applicable sections of the Swedish Annual Accounts Act. The accounting principles applied here are the same as those applied in the preparation of the most recent annual report. Changes in IFRS standards entered into force in 2014 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.

Annual General Meeting and upcoming financial reports

The Annual General Meeting will be held on Wednesday 22 April 2015 at 4 p.m., Elite Hotel Ideon, Scheelevägen 27, Lund. Notice to attend will be announced in the Swedish press in Post- och Inrikes Tidningar and on the Company's website.

Shareholders wishing to attend the AGM must be registered in the shareholders' register kept by the Swedish Securities Register Centre (Euroclear) no later than Tuesday 14 April 2015 and must inform BioInvent of their intention to attend no later than 4 p.m. on Tuesday 14 April 2015 by sending a letter to: Sölvegatan 41, SE-223 70 Lund, attn: Stefan Ericsson, or by phone +46 (0)46 286 85 50, or by email to [email protected].

In order to participate in the AGM, shareholders with nomineeregistered shares must request that their shares be temporarily owner-registered in the Euroclear shareholders' register. Such registration must be completed no later than Tuesday 14 April 2015 and the nominee must be informed of this well in advance of this date.

Shareholders must include their name, personal/company registration number, shareholding, telephone number and the name of any assistants that will be attending. Proxy to act on behalf of a shareholder shall be sent together with the notice of attendance. Representative of a legal person shall hand in a copy of a registration certificate or similar papers of authorisation. The company will supply proxy forms upon request from a shareholder.

The Board of Directors and the CEO do not propose the payment of any dividend for the 2014 business year.

BioInvent will present the following financial reports:
Annual report Expected to be available on the website 23 March 2015
Interim reports 22 April, 22 July, 22 October 2015

Consolidated statement of comprehensive income in brief for the Group (SEK thousands)

3 MONTHS
2014
Oct.-Dec.
3 MONTHS
2013
Oct.-Dec.
12 MONTHS
2014
Jan.-Dec.
12 MONTHS
2013
Jan.-Dec.
Net sales 1,672 49,984 46,932 81,713
Operating costs
Research and development costs
Sales and administrative costs
Other operating revenues and costs
-22,842
-8,585
1,063
-30,364
-20,887
-9,220
28
-30,079
-73,372
-31,900
3,415
-101,857
-71,180
-30,220
511
-100,889
Operating profit/loss -28,692 19,905 -54,925 -19,176
Profit/loss from financial investments 224 558 940 1,137
Profit/loss before tax -28,468 20,463 -53,985 -18,039
Tax - - - -
Profit/loss -28,468 20,463 -53,985 -18,039
Other comprehensive income
Items that have been or may be reclassified
subsequently to profit or loss
Changes in actual value current investments
- - - -10
Comprehensive income -28,468 20,463 -53,985 -18,049
Other comprehensive income
attributable to parent company's shareholders
-28,468 20,463 -53,985 -18,049
Earnings per share, SEK
Before dilution
After dilution
-0.25
-0.25
0.24
0.24
-0.53
-0.53
-0.23
-0.23

Consolidated statement of financial position in brief for the Group (SEK thousands)

2014 2013
31 Dec. 31 Dec.
Assets
Fixed assets
Intangible fixed assets 0 0
Tangible fixed assets 2,301 3,928
Financial fixed assets 4,500 -
Total fixed assets 6,801 3,928
Current assets
Inventories 61 205
Current receivables 21,619 12,559
Liquid funds 45,627 64,745
Total current assets 67,307 77,509
Total assets 74,108 81,437
Shareholders' equity and liabilities
Shareholders' equity 52,428 49,007
Current liabilities 21,680 32,430
Shareholders' equity and liabilities 74,108 81,437

Statement of changes in equity for the Group (SEK thousands)

2014
Oct.-Dec.
2013
Oct.-Dec.
2014
Jan.-Dec.
2013
Jan.-Dec.
Shareholders' equity at beginning of period 80,891 28,531 49,007 47,624
Comprehensive income
Profit/loss -28,468 20,463 -53,985 -18,039
Comprehensive other income - - - -10
Total comprehensive income -28,468 20,463 -53,985 -18,049
Total, excluding transactions with equity
holders of the Company 52,423 48,994 -4,978 29,575
Transactions with equity holders of the Company
Employee incentive programme 5 13 82 49
Rights issue and directed new share issue 57,324
Rights issue 19,383
Shareholders' equity at end of period 52,428 49,007 52,428 49,007

The share capital as of 31 December 2014 consists of 112,790,050 shares and the share's ratio value is 0.08. The rights issue and the directed new share issue carried out in April 2014 raised SEK 57,324 thousands after issue expenses, which amounted to SEK 6,559 thousands. The rights issue carried out in August 2013 raised SEK 19,383 thousands after issue expenses, which amounted to SEK 3,903 thousands.

Consolidated statement of cash flows in brief for the Group (SEK thousands)

2014 2013 2014 2013
Oct.-Dec. Oct.-Dec. Jan.-Dec. Jan.-Dec.
Current operations
Operating profit/loss -28,692 19,905 -54,925 -19,176
Depreciation 522 725 2,041 2,896
Adjustment for other non-cash items 5 13 82 49
Interest received and paid 135 270 622 929
Cash flow from current operations
before changes in working capital -28,030 20,913 -52,180 -15,302
Changes in working capital 3,420 3,890 -23,848 -39,350
Cash flow from current operations -24,610 24,803 -76,028 -54,652
Investment activities
Acquisition of tangible fixed assets -157 - -414 -47
Cash flow from investment activities -157 - -414 -47
Cash flow from current operations and
investment activities -24,767 24,803 -76,442 -54,699
Financing activities
Rights issue and directed new share issue - 57,324
Rights issue - - - 19,383
Cash flow from financing activities - - 57,324 19,383
Change in liquid funds -24,767 24,803 -19,118 -35,316
Opening liquid funds 70,394 39,942 64,745 100,061
Liquid funds at end of period 45,627 64,745 45,627 64,745
Liquid funds, specification:
Current investments 37,029 50,073 37,029 50,073
Cash and bank 8,598 14,672 8,598 14,672
45,627 64,745 45,627 64,745

Key financial ratios for the Group

2014
31 Dec.
2013
31 Dec.
Shareholders' equity per share at end of period, SEK 0.46 0.58
Number of shares at end of period (thousands) 112,790 85,015
Equity/assets ratio, % 70.7 60.2
Number of employees at end of period 37 43

Consolidated income statement in brief for the Parent Company (SEK thousands)

3 MONTHS 3 MONTHS 12 MONTHS 12 MONTHS
2014
Oct.-Dec.
2013
Oct.-Dec.
2014
Jan.-Dec.
2013
Jan.-Dec.
Net sales 1,672 49,984 46,932 81,713
Operating costs
Research and development costs
Sales and administrative costs
Other operating revenues and costs
-22,842
-8,585
1,063
-30,364
-20,887
-9,220
28
-30,079
-73,372
-31,900
3,415
-101,857
-71,180
-30,220
511
-100,889
Operating profit/loss -28,692 19,905 -54,925 -19,176
Profit/loss from financial investments 224 558 940 1,137
Profit/loss after financial items -28,468 20,463 -53,985 -18,039
Tax - - - -
Profit/loss -28,468 20,463 -53,985 -18,039
Other comprehensive income
Changes in actual value current investments
- - 10 -10
Comprehensive income -28,468 20,463 -53,975 -18,049

Consolidated balance sheet in brief for the Parent Company (SEK thousands)

2014 2013
31 Dec. 31 Dec.
Assets
Fixed assets
Intangible fixed assets 0 0
Tangible fixed assets 2,301 3,928
Financial fixed assets 4,600 100
Total fixed assets 6,901 4,028
Current assets
Inventories
Current receivables
61
21,619
205
12,559
Current investments 37,029 50,073
Cash and bank 8,598 14,672
Total current assets 67,307 77,509
Total assets 74,208 81,537
Shareholders' equity and liabilities
Shareholders' equity
Restricted equity 36,716 34,494
Non-restricted equitys 15,750 14,541
Total shareholders' equity 52,466 49,035
Liabilities
Current liabilities
21,742 32,502
Total shareholders' equity and liabilities 74,208 81,537

Lund, 18 February 2015, The Board of Directors

This report has not been reviewed by the company's auditors.

BioInvent International AB (publ)

Co. reg. no. 556537-7263 Address: Sölvegatan 41, 223 70 Lund Tel.: +46 (0)46 286 85 50 [email protected]

Forward looking information

This financial statement 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.

Information disclosed in this financial statement is provided herein pursuant to the Swedish Securities Markets Act and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication at 8.40 a.m. CET, on 18 February, 2015.

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