BioInvent receives another milestone payment from Bayer in connection with start of a Phase I trial
Thursday, September 11, 2014
Lund, Sweden – 11 September, 2014 – BioInvent International (OMXS: BINV) today announced that it has received another milestone payment from Bayer Pharma AG (Bayer) as the first patient was enrolled in a Phase I clinical trial of a second antibody identified from BioInvent’s n-CoDeR® library. The size of the milestone payment was not disclosed. This is the third milestone payment during the summer of 2014 received from international pharmaceutical companies, linked to success in the development of different antibodies from n-CoDeR®.
“Our international pharmaceutical partners currently conduct more than 20 projects where Bioinvent has the opportunity to receive milestone payments and royalties on sales. Bayer’s progress in the development of drugs based on antibodies from n-CoDeR® is further evidence of the commercial viability of our technology.” says Michael Oredsson, CEO of BioInvent.
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