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Affibody Medical AB

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Affibody publishes Annual Report 2023
2024-04-19 11:45:00

Stockholm, Sweden, April 19, 2024. Affibody Medical AB (publ) today announced that the Annual Report for 2023 now is available at the company’s website, and as an attachment to this press release.

Overall, 2023 was a strong year for Affibody – among other things we received USD 15 million as the first milestone payment in the izokibep collaboration with ACELYRIN.
 
Looking ahead, one of the key steps we will take as an organization in the coming years is to build our commercialization footprint. This is driven by our retained right to commercialize izokibep in the Nordics. The first milestone payment marked the starting point of our work to prepare for a potential launch of the product in our home market.
 
We are firm believers in the competitiveness of izokibep, which this March was bolstered when the global Phase 2b/3 clinical trial of izokibep in psoriatic arthritis (PsA) met its primary endpoint. Positive long-term data from the Phase 2b clinical trial in hidradenitis suppurativa (HS) were also announced. Izokibep continues with strong momentum, and we look forward to additional readouts from ongoing late-stage trials during the year, as well as the initiation of further Phase 3 studies.
 
We have also made significant progress in our radiopharmaceutical program, where our PET tracer ABY-025 has proven utility for diagnostic purposes in HER2-low cancers and our radiotherapy candidate ABY-271 is advancing towards the clinic.
 
In March 2023, we initiated a strategic collaboration with Chiesi to discover and develop novel Affibody® molecules for respiratory diseases.
 
//David Bejker, CEO Affibody
  
Financial summary 2023
Figures for 2022 within brackets.

  • Net sales: SEK 191.8 M (226.6)
  • Operating result: SEK -112.6 M (-144.0)
  • Net result for the year: SEK -131.8 M (-161.8)
  • Cash flow: SEK 89.7 M (-113.6)
  • Cash and cash equivalents: SEK 126.2 M (45.2)

 Read more in our Annual Report 2023 on www.affibody.com.

About ABY-025

ABY-025 is based on an Affibody® molecule that binds strongly to HER2 – a cell surface protein abundant in several forms of cancer. The high affinity and rapid clearance of ABY-025 from blood and normal tissue allows HER2 assessment within hours.

About izokibep

Izokibep is small protein Affibody® therapeutic designed to inhibit IL-17A with high potency through tight binding affinity, the potential for robust tissue penetration due to its small molecular size, about one-tenth the size of a monoclonal antibody, and an albumin binding domain that results in improved pharmacokinetic (PK) properties. Izokibep has been administered to more than a thousand patients, some of whom have been dosed for more than three years. Clinical trial data support the hypothesis that these unique characteristics of izokibep may provide clinically meaningful and differentiated benefits for patients, including resolution of key manifestations of disease.

Izokibep is being evaluated in multiple late-stage trials in moderate-to-severe hidradenitis suppurativa (HS), psoriatic arthritis (PsA), and uveitis, with plans to initiate an additional Phase 3 program in axial spondyloarthritis (AxSpA).

Affibody has licensed izokibep, to ACELYRIN, INC. and Inmagene Biopharmaceuticals Co. Ltd., while retaining an option to co-promote in the Nordic region.

About Psoriatic Arthritis

Psoriatic Arthritis (PsA) is a chronic immune-mediated inflammatory disease characterized by multiple manifestations including joint inflammation, skin lesions (psoriasis), and enthesitis (painful inflammation of the tissues that connect ligament and tendons to bone), all contributing to reduced quality of life and the risk of permanent disability. The pathology is dominated by pro-inflammatory T-helper (Th-17) cells that lead to over expression of IL-17, IL-23, and TNF cytokines. It is estimated that approximately 30% of people currently living with psoriasis will develop PsA over time. There remains a large unmet need for more effective therapies to treat PsA across all disease manifestations.

About Hidradenitis Suppurativa

Hidradenitis suppurativa (HS) is a chronic inflammatory skin disease causing scarring, abscesses, malodor, and severe pain. HS typically occurs in areas with high concentrations of sweat glands and is typically accompanied by pain, malodor, drainage, and disfigurement that contribute to disability and a devastating impact on quality of life. Patients with HS miss a greater number of days of work and have increased disability compared to the average population.

About Affibody® molecules

Affibody® molecules are a novel drug class of small therapeutic proteins with characteristics surpassing monoclonal antibodies (mAbs) and antibody fragments. The Company has created a large library consisting of more than ten billion Affibody® molecules, all with unique binding sites, from which binders to given targets are selected. Affibody® molecules are only 6 kDa in size.

They have demonstrated clinical utilities both as tumor-targeting moieties through their small size and as efficacious disease blocking agents in autoimmune indications by utilizing the inherent properties that allow multi-specific formats.

About Affibody

Affibody is a clinical stage integrated biopharmaceutical company with a broad product pipeline focused on developing innovative bi- and multi-specific next generation biopharmaceutical drugs based on its unique proprietary technology platform, Affibody® molecules.

Through its validated business model, the company has a proven capability of identifying and prioritizing strategic projects in a timely and de-risked way. Affibody has established several partnerships for the development and commercialization of its innovations with international pharmaceutical companies.

Affibody’s main shareholder Patricia Industries is a part of Investor AB.

Further information can be found at: www.affibody.com.

Disclaimer

This press release contains forward-looking statements. While Affibody consider the projections to be based on reasonable assumptions, these forward-looking statements may be called into question by several hazards and uncertainties, so that actual results may differ materially from those anticipated in such forward-looking statements.

Contacts

Affibody
David Bejker, CEO, +46 706 454 948
Peter Zerhouni, CFO and CBO, +46 706 420 044

Affibody Media Contact
Richard Hayhurst/Ola Björkman, RHA Communications, +44 7711 821 527, richard@rhacomms.eu

Attachments

Affibody Annual Report 2023

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