BioInvent extends license agreement with Bayer to develop antibodies

BioInvent International AB (OMXS: BINV) today announces that it has signed an extension to its 2008 license agreement with Bayer Pharma AG for the development of antibodies from BioInvent's n-CoDeR® libraries. Under the terms of the extension, Bayer will broaden its access to BioInvent's discovery and development technology platform.

BioInvent will receive an undisclosed license fee to cover new projects plus success-based milestone payments and royalties on products already in development.

The n-CoDeR® libraries contain more than 20 billion (2 x 1010) highly diverse, fully human antibody fragments that have been created using BioInvent's patented approach, generating antibodies with high affinity and selectivity.

Michael Oredsson, CEO of BioInvent, commented, " The signing of an extension and broadening of our n-CoDeR® technology collaboration with Bayer, we believe, exemplifies the value of our technology and the strength of our collaborations. The approach we have taken additionally brings a welcome fillip to our financial resources in a manner consistent with our previously communicated strategy. It is very encouraging to see that our collaborators continue to stay faithful to BioInvent."