Release No 18/2010
CEO Replaced by COO
Affitech Retains Focus on GPCR Targets and Speedy Development of Pipeline
Programmes with Russian Partner NTS Plus
Copenhagen and Oslo May 19th, 2010
Affitech A/S, (Nasdaq OMX: AFFI), the antibody medicines company, today
announced organisational changes. CEO Dr Robert Burns is leaving the Company
and will be replaced by Dr Martin Welschof as Managing Director of Affitech A/S.
Integration of Development Plans with NTS Plus
Affitech recently announced a Research and Development Collaboration and
Licensing Agreement with Russian NTS Plus (NauchTekhStroy Plus - a biotechnology
company 50% owned by Pharmstandard, Russia's leading pharmaceutical company, and
50% owned by Dr Aleksandr Shuster, a leading Russian drug development
entrepreneur). Under the Collaboration Agreement, Affitech will receive license
fees of €4.5 million and up to a further €18.5 million in development and
regulatory milestone and advance royalty payments as well as high single figure
percentage royalties on all net product sales of the Affitech licensed products
in CIS territories. Commercialisation of pharmaceutical products in Russia and
CIS will be provided by Pharmstandard, the leading pharmaceutical company in
Russia. The collaboration focuses on two potential therapeutic antibody
products:
AT001 (also known as r84), a novel, patented therapeutic antibody to vascular
endothelial growth factor (VEGF) which is being developed as a potential
competitor to bevacizumab (Avastin®) for the treatment of certain human cancers.
AT008, a novel, patented therapeutic antibody directed against CCR4, an
important G-protein coupled receptor (“GPCR”) on the surface of many cancer
cells and cells of the immune system. AT008 is expected to have clinical
application in the treatment of cancer and certain other diseases.
With the immediate focus of the company being the speedy implementation of the
two leading development programmes in the collaboration with NTS Plus as well as
the continued development of Affitech's anti-GPCR discovery pipeline, Dr Robert
Burns is leaving the company as CEO and is being replaced by Dr Martin Welschof
as Managing Director Affitech A/S. Dr Welschof was formerly Chief Operating
Officer and before that Managing Director of Affitech AS in Oslo, Norway.
Commenting on the changes, Aleksandr Shuster, Affitech's Chairman of the Board,
said:
“Robert has successfully led the repositioning of Affitech through to the
transaction with Trans Nova and the collaboration agreement with NTS Plus and
now leaves the company in the capable hands of Martin Welschof as Affitech
begins the next stage of its transformation - the building of a powerful and
innovative development pipeline of novel therapeutic antibody products.”
“The speedy and efficient development of the anti-VEGF and anti-CCR4 programmes
with NTS Plus is expected to fuel the next stage of the Company's growth.
Developing these programmes in Russia is expected to produce human clinical data
faster than we could otherwise achieve and this provides a rapid path to value
creation for our shareholders”
Strategic Focus on GPCR Targets
The Affitech business strategy is focused on the discovery and development of
novel therapeutic antibodies targeting GPCR molecules (G protein coupled
receptors). Many of the most clinically and commercially significant drugs in
the pharmaceutical marketplace target GPCRs. Within the broad family of GPCR
targets, Affitech has selected initially the chemokine receptor sub-group
against which to develop therapeutic antibodies and the company currently has
multiple pre-clinical programmes in this novel anti-chemokine receptor arena.
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| For more information please contact: |
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| Affitech A/S: |
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| Randi Krogsgaard, Corporate Communications and IR |
| Tel # +45 2320 1001 |
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About Affitech
Affitech A/S is a publicly traded (NASDAQ OMX Copenhagen) therapeutic antibody
company headquartered in Copenhagen, Denmark with R&D facilities in Oslo,
Norway. The company utilises a range of proprietary antibody technologies for
the discovery of therapeutic antibodies for application in oncology,
inflammation and other disease areas. CBAS™ (Cell Based Antibody Selection) is
Affitech A/S's premier technology platform for the isolation of lead antibodies
to cell surface targets. Several of the Company's proprietary drug candidates
were generated by CBAS™. Further information is available at www.affitech.com.
Disclaimer
This news release contains forward-looking statements and forecasts based on
uncertainty, since they relate to events and depend on circumstances that will
occur in the future and which, by their nature, will have an impact on results
of the financial condition and operations of Affitech A/S. There are many
factors that could cause actual results and developments to differ materially
from those expressed or implied by these forward-looking statements and
forecasts. These factors include, among other things, risks associated with
technological development, the risk that research & development will not yield
new products that achieve commercial success, the impact of competition, the
ability to transact viable and profitable commercial deals, the risk of
non-approval of patents not yet granted, and difficulties of obtaining relevant
governmental approvals for new products.
No expressed or implied representations or warranties are given concerning
Affitech A/S or the accuracy or completeness of the information provided herein,
and no claims shall be made by the recipient of this news release by virtue of
the information contained herein.