BioInvent reorganizes after TB-402 bust
BioInvent International, a Swedish research-based pharmaceutical company that focuses on developing antibody drugs, has decided to initiate negotiations with trade unions regarding organizational changes due to halting development of the antithrombotic agent TB‑402.
The negotiations are in accordance with the Swedish Co-Determination Act in respect of the planned personnel changes. Once negotiations are complete, a final decision will be taken on the relevant organizational and personnel matters.
The new organization is planned to employ 68 full-time personnel, a decrease from the current 89. The reduction in work force and other reprioritizations are expected to result in cost savings of around $2.1 million on a full-year basis, fully effective from January 2013.
“We regret the fact that the changes in our organization will impact a number of our employees, but consider it necessary to take better advantage of the opportunities provided by positive study data later this year,” said Svein Mathisen, president and CEO of BioInvent. “We are now focusing our resources on the most promising projects, for which we expect to present study results in two of the most advanced projects during the forthcoming quarter.
The company's resources will be reprioritized to focus on the continued development of BI‑204 for the treatment of acute coronary artery disease and new and existing cancer projects such as BI‑505.
“The combined project portfolio with proprietary projects and with projects run by our partners provides a solid foundation for long term growth and to create shareholder value,” added Mathisen.