BioInvent is planning on reducing its workforce by over 25% as part of a cost-cutting measure it hopes will save SEK 15 million (about $2.2 million) a year. The move is a direct result of the failure of the long-acting anticoagulant TB-402 in a Phase IIb trial, data from which was reported earlier this month and resulted in the program being discontinued. BioInvent had been developing the fully-human anti-Factor VIII monoclonal antibody through its ongoing collaboration with ThromboGenics.
The firm says it will now focus its resources on continued development of BI-204 for treating acute coronary artery disease, and new and existing cancer programs including BI-505. BI-204 is a human antibody that targets the oxidized form of a low-density lipoprotein (LDL), and is in Phase IIa development as a treatment for atherosclerosis. Top-line data from the study is expected during the latter half of 2012.
BI-505 is a fully human antibody derived from BioInvent's n-CoDeR® library, which binds to tumor-expressed adhesion protein ICAM-1 (CD54). The antibody is in Phase I development as a potential treatment for multiple myelomas that express ICAM-1.
In parallel with announcing failure of TB-402 study in early June, BioInvent and its partner ThromboGenics confirmed that they had regained global rights to the early clinical-stage PIGF-targeting monoclonal antibody TB-403 from licensee Roche. The firms say they plan to further evaluate the potential of TB-403 in certain cancer and noncancer indications, including ophthalmology.
BioInvent has ongoing partnerships in place with ThromboGenics, Human Genome Sciences, and Genentech, focused on development and commercialization of its product candidates. The firm in addition has antibody discovery and technology partnerships based on its n-CoDeR platform in place with firms including Bayer HealthCare, Daiichi Sankyo, Mitsubishi Tanabe, and Xoma.
Earlier this month BioInvent announced a collaboration with the University of London’s Queen Mary College, to identify new anticancer antibodies using the firm’s F.I.R.S.T. antibody discovery platform.