BioInvent Restructure, Reducing Workforce

Sweden’s BioInvent International has announced that they have been forced to restructure after the failure of an investigational antithrombotic in a mid-stage trial earlier this month.

The corporation will restructure to have 68 permanent workers, in comparison to the present 89 permanent employee.  The reduction of the staff “and other reprioritisations” will create cost savings of roughly 15 million Swedish kroner.

The change is considered essential as a result of the conclusion by BioInvent and ThromboGenics to stop the development of TB-402, a long-acting anticoagulant.

The Phase IIb clinical trial comparing TB-402 with Bayer and Johnson & Johnson’s Xarelto (rivaroxaban) demonstrated that the occurrence of venous thromboembolism was similar in both medications, but individuals taking TB-402 had a considerably greater occurrence of bleeding events.

Earlier this month, Roche gave back the rights for TB-403 to BioInvent and ThromboGenics in certain cancer and non-cancer indications, including ophthalmology, succeeding a portfolio review.

Svein Mathisen, BioInvent’s chief executive, noted that “we will also strengthen the company as a trustworthy partner for companies using our technology to develop proprietary antibody drugs.”  BioInvent enjoys “important revenues from these collaborations today – revenues which are expected to increase as our partners bring the product candidates forward,” he added.

Mathiesen announced that they “regret the fact that the changes in our organisation will impact a number of our employees, but consider it necessary to take better advantage of the opportunities provided by positive study data later this year.”

The organisation is now concentrating on BI‑204 for the medication of acute coronary artery disease and new and existing cancer projects, such as BI‑505.

Discussions have started with trade unions.


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