Affimed NV (NASDAQ:AFMD)
Historical Stock Chart
1 Year : From Oct 2018 to Oct 2019
Heidelberg, Germany, March 19, 2019 – Affimed N.V. (Nasdaq: AFMD), a clinical stage biopharmaceutical company committed to giving patients back their innate ability to fight cancer, today announced that the Company will receive a payment in an undisclosed amount triggered by the achievement of a preclinical milestone under its ongoing strategic collaboration with Genentech, a member of the Roche Group. The payment will enhance Affimed’s ongoing efforts to develop and commercialize novel innate cell engager-based therapeutics based on Affimed’s proprietary Redirected Optimized Cell Killing (ROCK®) platform to treat multiple cancers.
“The progress of our collaboration with Genentech further demonstrates Affimed’s expertise in innate immunity and the potential of our fit-for-purpose ROCK® platform to generate efficacious oncology therapies,” said Dr. Adi Hoess, Chief Executive Officer of Affimed.
Under the terms of the agreement, Affimed received $96 million in upfront and committed funding from Genentech in the fourth quarter of 2018, and may be eligible to receive up to an additional $5 billion, including payments on the achievement of certain development, regulatory and commercial milestones, plus royalties on sales.
Affimed also announced that Dr. Martin Treder, Chief Scientific Officer, will deliver a presentation and participate in a panel discussion during the opening session of the Innate Killer Summit, an annual industry meeting that fosters the transformation of leading science in innate immunity to next generation cancer therapies, taking place March 20-21 in San Diego, CA.
Titled “Therapeutic Strategies Based on Innate Immunity and Affimed’s ROCK® platform,” Dr. Treder’s presentation is scheduled for Wednesday, March 20 at 12:00 pm PT. Dr. Treder will provide an overview of Affimed’s fit-for-purpose antibody platform, ROCK®, which enables development of CD16A-targeting engagers of innate immune effector cells (NK cells and macrophages) that target specific receptors on cancer cells. Dr. Treder will also participate in a panel discussion titled, “The Future Potential of NK Cells in Combination Therapies.” The panel is scheduled for Wednesday, March 20 at 4:50 pm PT.
“Our ROCK® technology platform provides versatility to develop highly targeted innate cell engagers in a variety of antibody formats with high affinity, favorable manufacturing properties, and the ability to address various patient populations and indications,” said Dr. Treder. “Innate cell engagement using ROCK®-based bispecific antibodies has shown promising clinical efficacy and safety, both as single agents and in combination with the checkpoint inhibitor pembrolizumab. In addition, our CD16A ROCK®-engagers have shown promising preclinical activity in combination with adoptive NK cell transfer and we expect to initiate clinical development with this approach together with our collaboration partner MD Anderson Cancer Center in the second quarter of 2019.”
About Affimed N.V.
Affimed (Nasdaq: AFMD) is a clinical stage biopharmaceutical company that engineers targeted immunotherapies, seeking to improve patient outcomes through the power of innate immunity. Affimed’s fit-for-purpose ROCK® platform allows innate immune engagers to be designed for specific patient populations. The Company is developing single and combination therapies to treat cancers. For more information, please visit www.affimed.com.
This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as "anticipate," "believe," "could," "estimate," "expect," "goal," "intend," "look forward to", "may," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions. Forward-looking statements appear in a number of places throughout this release and include statements regarding our intentions, beliefs, projections, outlook, analyses and current expectations concerning, among other things, the value of our ROCK® platform, our ongoing and planned preclinical development and clinical trials, our collaborations and development of our products in combination with other therapies, the timing of and our ability to make regulatory filings and obtain and maintain regulatory approvals for our product candidates, our intellectual property position, our collaboration activities, our ability to develop commercial functions, expectations regarding clinical trial data, our results of operations, cash needs, financial condition, liquidity, prospects, future transactions, growth and strategies, the industry in which we operate, the trends that may affect the industry or us and the risks, uncertainties and other factors described under the heading “Risk Factors” in Affimed’s filings with the Securities and Exchange Commission. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements, and we assume no obligation to update these forward-looking statements, even if new information becomes available in the future.
Affimed Investor Contact:Gregory Gin, Head of Investor RelationsE-Mail: IR@affimed.com
Affimed Media Contact:Anca Alexandru, Head of Communications, EU IRE-Mail: firstname.lastname@example.org