'On behalf of Affimed, I would like to thank Adi for his dedication to the Company. Over the past 13 years, he contributed significantly to the Company's success and guided Affimed's evolution from an antibody engineering company to an innovative late-stage clinical biotech,' said Dr.
'Leading Affimed has been an exciting and rewarding journey for me and I am proud of the results achieved - an innovative pipeline of assets for the company and its partners,' said Dr.
The Company has initiated a comprehensive search process to identify a successor CEO. In the interim, Dr.
Andreas and the management team will be supported by Dr.
Strategic Restructuring
Affimed also announced today a restructuring initiative aimed at transforming the Company into a focused clinical organization, positioned to successfully advance its clinical programs to key value inflection points.
Key highlights of the restructuring plan include: Focus on Clinical Programs: Affimed will direct all resources towards advancing the development of its clinical programs.
Workforce reduction: Affimed will reduce its workforce by up to 50% by dissolving its research and preclinical development departments, aligned with the Company's narrowed strategic priorities.
Prolonged Cash Runway: The restructuring plan announced today will extend Affimed's cash runway into H2 of 2025.
The Company announced earlier this month the divestiture of AbCheck, the proceeds of which will support ongoing clinical development activities.
The Company confirms guidance related to data readouts in the first half of 2024: Initial data from the LuminICE-203 study of acimtamig in combination with Artiva's NK cell product AlloNK (AB101) in relapsed/refractory Hodgkin's lymphoma.
Data from the AFM24 in combination with atezolizumab in non-small cell lung cancer including initial data readout from the EGFR-mutant cohort and progression free survival from EGFR-wildtype cohort.
The Management Board and Supervisory
About
Affimed (Nasdaq: AFMD) is a clinical-stage immuno-oncology company committed to giving patients back their innate ability to fight cancer by actualizing the untapped potential of the innate immune system. The Company's proprietary ROCK platform enables a tumor-targeted approach to recognize and kill a range of hematologic and solid tumors, enabling a broad pipeline of wholly-owned and partnered single agent and combination therapy programs. The ROCK platform predictably generates customized innate cell engager (ICE) molecules, which use patients' immune cells to destroy tumor cells. This innovative approach enabled Affimed to become the first company with a clinical-stage ICE. Headquartered in Mannheim,
Forward-Looking Statement
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 the Company's intentions, beliefs, projections, outlook, analyses and current expectations concerning, among other things, the potential of acimtamig (AFM13), AFM24, AFM28 and the Company's other product candidates, the value of its ROCK platform, its ongoing and planned preclinical development and clinical trials, the restructuring plan, including the workforce reduction, dissolution of the research department and divestiture of AbCheck, its collaborations and development of its products in combination with other therapies, the timing of and its ability to make regulatory filings and obtain and maintain regulatory approvals for its product candidates, its intellectual property position, its collaboration activities, its ability to develop commercial functions, clinical trial data, its results of operations, cash needs, financial condition, liquidity, prospects, future transactions, growth and strategies, the industry in which it operates, the macroeconomic trends that may affect the industry or the Company, such as the instability in the banking sector experienced in the first quarter of 2023, impacts of the COVID-19 pandemic, the benefits to Affimed of orphan drug designation, the impact on its business by political events, war, terrorism, business interruptions and other geopolitical events and uncertainties, such as the
Contact:
Alexander Fudukidis
Email: a.fudukidis@affimed.com
Tel: +1 (917) 436-8102
Email: m.sandin@affimed.com
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