LUND, Sweden, March 26, 2020 /PRNewswire/ -- BioInvent International AB ("BioInvent") (OMXS: BINV) today announces that the Board of Directors has resolved to postpone the annual general meeting until May 28, 2020.
As a result of the recent outbreak of the new coronavirus (COVID-19), there is a great uncertainty concerning the spread of the virus and its effects. The increased risk level regarding the spread of the virus has led authorities in Sweden, and in several other countries, to introduce restrictions for events and travels. With a majority of the board members, and the CEO, resident in countries where both exit and entry bans currently exists, the Board of Directors has resolved to postpone the annual general meeting until May 28, 2020, to improve, if possible, the possibilities for board members and the CEO to attend the general meeting. The annual general meeting was originally scheduled to be held on April 29, 2020.
BioInvent is taking necessary precautions with regard to the coronavirus and will continue to monitor its spread and associated measures closely. BioInvent has clinical trials in process and clinical trials soon to be initiated. Global measures against the coronavirus and the need to prioritize healthcare resources will likely affect the timelines for these studies. The precise impact is difficult to assess at this stage, given the rapidly developing situation.
Martin Welschof, CEO of BioInvent, says:
"We may see a delay of the early results from the Phase I open label study with a combination of BI-1206 and rituximab for treatment of Non-Hodgkin Lymphoma (NHL), which, however, are still expected in H2 2020. For the time being, early clinical trial results for BI-1206 in combination with pembrolizumab and clinical trial initiations in other programs remain on track. However, given the rapidly evolving situation with the coronavirus, timelines are still subject to potential changes and we will provide updates as necessary."
BioInvent International AB (OMXS: BINV) is a clinical stage company that discovers and develops novel and first-in-class immuno-modulatory antibodies for cancer therapies, with two ongoing programs in Phase l/ll clinical trials for the treatment of hematological cancer and solid tumors, respectively. Two preclinical programs in solid tumors are expected to have entered clinical trials by the end of 2020. The Company's validated, proprietary F.I.R.S.T™ technology platform simultaneously identifies both targets and the antibodies that bind to them, generating many promising new drug candidates to fuel the Company's own clinical development pipeline or for additional licensing and partnering.
The Company generates revenues from research collaborations and license agreements with multiple top-tier pharmaceutical companies, as well as from producing antibodies for third parties in the Company's fully integrated manufacturing unit. More information is available at www.bioinvent.com.
For further information, please contact:
BioInvent International AB (publ)
Co. Reg. No. Org nr: 556537-7263
Visiting address: Ideongatan 1
Mailing address: 223 70 LUND
The press release contains statements about the future, consisting of subjective assumptions and forecasts for future scenarios. Predictions for the future only apply as 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 outcome may deviate significantly from the scenarios described in this press release.
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