Release no 30/2010
Copenhagen and Oslo, 16th September, 2010
Affitech A/S, (NASDAQ OMX: AFFI), the antibody medicines company, today
announced that the Company has completed a transaction allowing Expres2ion
Biotechnology ApS (“Expres2ion”), a newly established company based on a
proprietary recombinant protein production technology to produce proteins in S2
insect cells. The transaction involves an investment from Affitech A/S by
contribution in kind of intellectual property rights and physical equipment, as
well as a tranched seed financing of Expres2ion from Vækstfonden as lead
investor. Affitech will obtain an ownership of 24% in Expres2ion after all
tranches are fully paid as well as maintain rights to use the proprietary S2
technology internally. This transaction is a further step in sharpening
Affitech's strategic focus on discovery and development of human therapeutic
antibodies as drugs, and allows Affitech to benefit from independent value
creation from the S2 technology platform.
The S2 technology was valuated as a part of the purchase price allocation when
Pharmexa A/S and Affitech AS were combined in 2009. A book value of DKK 10
million was assigned to the S2 patent at the business combination in 2009. This
book value has been reduced by regular depreciation and will be subject to a
write-down of approximately MDKK 6 in the third quarter 2010. Affitech A/S
maintains its outlook for 2010, which is a net loss of MDKK 80-86, when this
write-down is included.
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| For more information please contact Affitech A/S: |
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| Martin Welschof, Managing Director | Randi Krogsgaard, Corporate |
| | Communications |
| Tel # +47 95 12 81 37 | Tel # +45 2320 1001, e-mail: |
| | ir@affitech.com |
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About Affitech
Affitech AS is a publicly traded (NASDAQ OMX Copenhagen) human therapeutic
antibody company headquartered in Copenhagen, Denmark with R&D facilities in
Oslo, Norway. The company utilizes a range of proprietary antibody technologies
for the discovery of fully human antibodies for application in oncology,
inflammation and other disease areas. CBAS™ (Cell Based Antibody Selection) is
Affitech's premier discovery engine for the isolation of lead antibodies to cell
surface molecules in situ. Several of the Company's proprietary product
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.
Affitech A/S completes transaction on S2 technology with Expres2ion Biotechnology ApS
| Source: Affitech A/S
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