LUND, SWEDEN / ACCESSWIRE / March 13, 2023 / BioInvent International AB ("BioInvent") (Nasdaq Stockholm:BINV), a biotech company focused on the discovery and development of novel and first-in-class immune-modulatory antibodies for cancer immunotherapy, today informed its shareholders that BioInvent does not hold cash deposits or securities at Silicon Valley Bank, or any other foreign bank.
In accordance with BioInvent's financial policy, excess liquidity is placed in bank accounts and in certificates and bonds with low credit risk. These carry fixed interest rates, are held until maturity and may have terms of up to two years.
As of December 31, 2022, the Group's liquid funds, current and long-term investments amounted to SEK 1,594 million.
About BioInvent
BioInvent International AB (Nasdaq Stockholm: BINV) is a clinical-stage biotech company that discovers and develops novel and first-in-class immuno-modulatory antibodies for cancer therapy, with currently four drug candidates in five ongoing clinical programs in Phase 1/2 trials for the treatment of hematological cancer and solid tumors, respectively. The Company's validated, proprietary F.I.R.S.T technology platform identifies both targets and the antibodies that bind to them, generating many promising new drug candidates to fuel the Company's own clinical development pipeline and providing licensing and partnering opportunities.
The Company generates revenues from research collaborations and license agreements with multiple top-tier pharmaceutical companies, as well as from producing antibodies for third parties in the Company's fully integrated manufacturing unit. More information is available at www.bioinvent.com. Follow on Twitter: @BioInvent.
For further information, please contact:
Cecilia Hofvander, Senior Director Investor Relations
Phone: +46 (0)46 286 85 50
Email: cecilia.hofvander@bioinvent.com
BioInvent International AB (publ)
Co. Reg. No. Org nr: 556537-7263
Visiting address: Ideongatan 1
Mailing address: 223 70 LUND
Phone: +46 (0)46 286 85 50
www.bioinvent.com
Attachments
BioInvent issues statement confirming that it does not hold cash deposits or securities at Silicon Valley Bank
SOURCE: BioInvent International
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