BioInvent receives funding for blood cancer treatments

January 18, 2023 - 4 minutes
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BioInvent International AB has been selected as partner of The Leukemia & Lymphoma Society’s Therapy Acceleration Program (LLS TAP).

The program is aimed at advancing the company’s program to treat blood cancers. The partnership will include access to the scientific, clinical and drug development expertise of LLS as well as a strategic capital equity investment from LLS TAP of $3 million.

“LLS TAP is excited to welcome BioInvent, a partner with two first-in-class clinical candidates in development for blood cancers, to our Therapy Acceleration Program,” said Lore Gruenbaum, vice president, LLS TAP. 

“This partnership demonstrates our commitment to support and accelerate the development of the most promising and innovative blood cancer therapeutics worldwide. BioInvent has brought together a strong discovery platform, deep experience with therapeutic antibodies and a thorough understanding of immune oncology to create a rich and unique pipeline of promising therapeutics. We look forward to working with BioInvent to explore how these clinical candidates can benefit blood cancer patients.”

Major funding

LLS has dedicated more than $100 million over the past several decades, through both grants and TAP investments, to advancing pioneering approaches that harness cellular immunotherapies to fight blood cancers. This investment is aimed at supporting the work of BioInvent with the advancement of its novel anti-FcyRIIB antibody BI-1206, in non-Hodgkin’s lymphoma (NHL) and the anti-TNFR2 antibody BI-1808 in cutaneous T-cell lymphoma (CTCL).

“We are delighted to conclude this agreement with the widely respected patient organization Leukemia & Lymphoma Society. This is a strong endorsement of our lead program BI-1206 in NHL and acknowledgement of the potential of BI-1808 for CTCL. We look forward to working closely with LLS and their extensive and unique network of patients and key opinion leaders in the U.S. to further expand our clinical programs for BI-1206 and BI-1808 in blood cancers,” said Martin Welschof, CEO of BioInvent.

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BI-1206 is currently being studied in two phase 1/2 trials, in combination with rituximab in NHL and in combination with pembrolizumab in solid tumors. BI-1808 is being evaluated in a phase 1/2a trial, as a single agent and in combination with the anti-PD-1 therapy Keytruda (pembrolizumab) in patients with ovarian cancer, non-small cell lung cancer and CTCL.

New shares in BioInvent

As part of the partnership, LLS TAP makes a strategic capital equity investment of $3 million for new shares in BioInvent. The board of directors of BioInvent has resolved on a directed issue of 836,478 new shares to LLS TAP at a subscription price per share of SEK 37.40 ($3.64), corresponding to total subscription proceeds of SEK 31,284,277.20 ($3,042,439.13). 

The new shares are expected to be admitted trading on Nasdaq Stockholm on or about January 23, 2023. LLS TAP has undertaken, on customary terms and conditions, not to sell or otherwise dispose of the shares of the investment during a period of 90 days from the share issue. Following the share issue, LLS TAP will own approximately 1.27 % of the shares in BioInvent.

About The Leukemia & Lymphoma Society and Therapy Acceleration Program (TAP)

The Leukemia & Lymphoma Society (LLS) is a global leader in the fight against cancer. The LLS mission is to cure leukemia, lymphoma, Hodgkin’s disease, and myeloma, and improve the quality of life of patients and their families. LLS TAP is a strategic venture philanthropy initiative that builds business alliances and collaborations with biotechnology companies to identify potential breakthrough therapies with the ability to change the standard of care. 

LLS TAP funds late-stage preclinical studies, and proof of concept or registrational clinical trials to help advance therapeutics along the drug development and approval pathway. LLS TAP accepts funding applications on a rolling basis from companies with innovative science that has a high potential to improve patient lives. 

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