Release no. 20/2011

Copenhagen and Oslo, 20th October, 2011, 2011-10-20 11:45 CEST (GLOBE NEWSWIRE)
--

-- AT001/r84 preclinical package enables clinical trial application

-- Affitech A/S receives EUR 2.5 million in milestone payment from
IBC Generium


Affitech A/S, (NASDAQ OMX: AFFI), the antibody medicines company, announced
today that the Company has received 2.5 million Euro in milestone payment from
IBC Generium. The payment is related to the delivery of the preclinical package
for Affitech's anti VEGF antibody AT001/r84 to its Russian collaboration
partner IBC Generium, who will use the package for the filing of a Clinical
Trial Application (CTA) in Russia. AT001/r84 is a novel patented human
mono­clonal antibody to human vascular endothelial growth factor (VEGF), and is
being developed as a potential treatment of cancer. The collaboration agreement
with IBC Generium comprises two development projects and is worth up to € 23
million in fees and advanced royalties to Affitech.


Managing Director of Affitech Martin Welschof said:

“I am very pleased to see the continuing progress in the development of the
drug candidate AT001/r84 leading to the payment of the first milestone in our
R&D collaboration with Russian partner IBC Generium. The pre-clinical package
performed under appropriate GMP or GLP procedures supports clinical trial
applications in different territories.”


AT001/r84 is a novel, proprietary therapeutic antibody to vascular endothelial
growth factor (VEGF) being developed by Affitech and IBC Generium as a
potential alternative to bevacizumab (Avastin®) for the treatment of certain
human cancers. The Russian health authorities have identified cancer therapy
based on anti-VEGF antibodies as one of the top priority areas of
pharma-innovation in Russia. Affitech's AT001/r84 has the potential to satisfy
patient needs in this area. The rights to develop and commercialize AT001/r84
outside Russia and the CIS remain with Affitech.


About Affitech

Affitech A/S is a publicly traded (NASDAQ OMX Copenhagen) human therapeutic
antibody company based in Copenhagen, Denmark with R&D facilities in Oslo,
Norway. The Company utilizes a range of proprietary antibody technologies for
the discovery of fully human antibodies for application in oncology,
inflammation and other disease areas. CBAS™ (Cell Based Antibody Selection) is
Affitech's premier discovery engine for the isolation of lead antibodies to
cell surface molecules. Affitech co-develops its two lead antibody drug
programs AT001/r84 and AT008/CCR4 with Russian partner IBC Generium. The
Company's initial focus is on rapid and cost effective development by
partnering clinical trials in emerging markets. Further information is
available at www.affitech.com.


Disclaimer
This announcement may contain forward-looking statements including statements
about Affitech's expectations of the progression of its pipeline including the
timing for commencement and completion of clinical trials and with respect to
cash burn guidance. Such statements are based on Management's current
expectations and are subject to a number of risks and uncertainties that could
cause actual results to differ materially from those described in the
forward-looking statements. Affitech cautions investors that there can be no
assurance that actual results or business conditions will not differ materially
from those projected or suggested in such forward-looking statements as a
result of various factors, including, but not limited to, the following: risks
associated with technological development, the risk that research & development
will not yield new products that achieve commercial success, the impact of
competition, the ability to transact viable and profitable commercial deals,
the risk of non-approval of patents not yet granted, and difficulties of
obtaining relevant governmental approvals for new products. No expressed or
implied representations or warranties are given concerning Affitech A/S or the
accuracy or completeness of the information provided herein, and no claims
shall be made by the recipient of this news release by virtue of the
information contained herein.

Contact:

Randi Krogsgaard, Director IR & Corporate Communications

Tel # +45 2320 1001, e-Mail: [email protected]

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