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BioInvent raises 300 million SEK

The Board of Directors of BioInvent International has resolved to issue 6,496,788 new shares in a directed share issue to international and Swedish institutional investors based on the authorization granted by the Annual General Meeting on April 28, 2022.

“The performed directed share issue provides us with an even stronger base of institutional investors and strengthens our financial position, enabling us to deliver on our portfolio strategy with “multiple shots on goal”.”

“A key prerequisite for BioInvent’s growing pipeline of immuno-oncology drug candidates is strong financial resources, securing that the clinical programs can be brought to important value inflection points. Our strategy is to finance the company out of strength and the recent successful developments gave us an opportunity to execute on this strategy. The performed directed share issue provides us with an even stronger base of institutional investors and strengthens our financial position, enabling us to deliver on our portfolio strategy with “multiple shots on goal”. Last but not least, it brings the value of a strong balance sheet in the current challenging market and geopolitical conditions, which is expected to last for a longer period,” says Martin Welschof, CEO of BioInvent.

A number of international and Swedish investors participated

A number of international and Swedish investors participated in the Directed Share Issue, including new investors such as AXA Investment Managers and a US institutional investor and the existing shareholders Forbion, HBM Healthcare Investments, Redmile Group, Invus, the Fourth National Swedish Pension Fund and Swedbank Robur Fonder, with demand for the New Shares exceeding the size of the Directed Share Issue.

Through the Directed Share Issue, BioInvent will receive proceeds amounting to approximately SEK 298.9 million (approximately USD 28.3 million) before transaction costs.

The use of proceeds

The net proceeds from the Directed Share Issue are mainly intended for financing part of: (i) the next planned clinical trial with BI-1206, a pivotal study with the aim of pursuing an accelerated regulatory pathway for BI-1206 for the treatment of Non-Hodgkin’s Lymphoma (subtypes MCL and FL); (ii) a potential broadening of BI-1607 into additional clinical settings and indications outside the initial scope, and specifically enhancing the response rates to the anti-CTLA-4 and anti-PD-1 combination; (iii) the ongoing clinical programs for the BI-1206 drug candidate in solid tumors, the company’s lead anti-TNFR2 antibody BI-1808, and the oncolytic virus drug candidate BT-001; (iv) the clinical development of the company’s differentiated anti-TNFR2 antibody, BI-1910, and; (v) the development of the company’s prioritized preclinical projects with the aim to generate additional innovative drug candidates that could enter clinical development.

Moreover, a strengthened financial position will enable increased strategic flexibility and improve the company’s ability to negotiate with potential partners, it states. Furthermore, it will increase the flexibility for the company to swiftly adapt to potential changes in regulatory requirements or potential changes in the competitive landscape.

Photo of Martin Welschof: Nille Leander