BioInvent focuses its business, reduces staff

Tuesday, October 2, 2012 01:54 PM

Sweden-based BioInvent International has decided to focus its operations with the aim of achieving self-financing of the business before external costs for future new clinical studies. Its development of proprietary antibody drugs will concentrate primarily on developing new cancer drugs, resulting in a clear indication focus. The company currently has five agreements with major companies based on products from the antibody library, n-CoDeR. It will increase the efforts to create new n‑CoDeR agreements for clinical programs and continue to develop existing partnerships.

As part of this focus, BioInvent plans to reduce the number of full-time employees by 20, in addition to the 21-employee reduction announced in July. For 2012, the number of full-time employees will have been reduced from 89 to 48. Following the changes, 39 full-time employees will work in R&D.

Svein Mathisen, president and CEO of BioInvent, said, “We are moving from being active in a number of medical areas to focusing primarily on cancer, such as BI‑505, currently in clinical phase I, for the treatment of multiple myeloma, and on two new drug candidates for which preclinical development is expected to start with toxicology studies next year. We intend to partner our programs at an early stage.”

“We see good opportunities to increase revenues from our external programs, thereby achieving a significant increase in the self-financing of our operations,” he continued. “As the drug candidates from our partnerships advance through clinical development, BioInvent will receive milestone payments. We expect clinical studies of at least two product candidates from existing partnerships to start as early as next year. We regret the fact that the changes in our organization will impact our employees. However, we are convinced that focusing the business will strengthen the company and our long-term development.” 

Share:          
CLINICAL TRIAL RESOURCES

Search:

NEWS ONLINE ARCHIVE

Browse by:

CWWeekly

November 24

Tufts CSDD’s $2.6 billion price tag to develop and bring a new drug to market raises questions, criticisms

Medidata joins GlaxoSmithKline in study to evaluate the impact of wearing mobile devices in clinical trials

Already a subscriber?
Log in to your digital subscription.

Subscribe to CWWeekly.

The CenterWatch Monthly

November

Private equity driving dynamic CRO growth
Enables CROs to pursue long-term strategies, while giving the space credibility

Baby boomers poised to reshape clinical trials industry
Millions of tech-savvy consumers already track their health, expect new treatments as they age

Already a subscriber?
Log in to your digital subscription.

Purchase the September issue.

Subscribe to
The CenterWatch Monthly.

The CenterWatch Monthly

October

CROs driving changes in patient recruitment
Data- and tech-aided enrollment services a competitive advantage

Trials with in-home nurses poised to grow
Higher expense, but may improve recruitment and retention for select trials

Already a subscriber?
Log in to your digital subscription.

Purchase the October issue.

Subscribe to
The CenterWatch Monthly.

JobWatch centerwatch.com/jobwatch

Featured Jobs