BioCentury
ARTICLE | Financial News

Affitech raises $28.3M, partners mAbs

April 22, 2010 12:50 AM UTC

Affitech A/S (CSE:AFFI) gained DKK0.48 (84%) to DKK1.05 on Wednesday after granting NauchTekhStroy Plus LLC (NTS Plus) rights to two mAbs and raising DKK156.1 million ($28.3 million) in a related equity investment. NTS Plus, which was founded this year by Pharmstandard OJSC (RTS:PHST; LSE:PHST) and Russian entrepreneur Aleksandr Shuster, received rights to develop and commercialize two preclinical mAbs for cancer, AT001 and AT008, in Russia and other countries of the Commonwealth of Independent States. AT001 is a mAb against vascular endothelial growth factor (VEGF) receptor 2 ( KDR/Flk-1; VEGFR-2); and AT008 is a mAb against CC chemokine receptor 4 ( CCR4; CD194).

Affitech will receive EUR 4.5 million ($6.1 million) up front and is eligible for up to EUR 18.5 million ($24.9 million) in milestones, plus high single-digit royalties. Affitech will also receive EUR 1.6 million ($2.2 million) for undisclosed projects in the first year of the collaboration. Pharmstandard will have commercialization rights in the territories. ...