Affitech makes changes to management team
Danish firm now begins the next stage of its transformation
After successfully leading the repositioning of Affitech through to a research and development partnership and licensing agreement with Russian NauchTekhStroy Plus (NTS Plus), the chief executive of Danish antibody medicines firm Affitech is to leave the company.
Under the agreement signed in April with NTS Plus, a biotechnology company split 50:50 between Pharmstandard, Russia's leading pharmaceutical company, and Dr Aleksandr Shuster, a Russian drug development entrepreneur, Affitech will receive license fees of €4.5m and up to a further €18.5m in milestone and royalty payments, as well as high single figure percentage royalties on all net product sales of the Affitech licensed products in CIS territories. Pharmastandard will commercialise the pharmaceutical products in Russia and CIS. In addition, NTS Plus will provide project funding to Affitech of €1.6m for certain undisclosed projects in the first year of the collaboration.
The collaboration will focus on two potential therapeutic antibody products: AT001 (also known as r84) and AT008.
AT001 is a novel, patented therapeutic antibody to vascular endothelial growth factor (VEGF), which is being developed as a potential competitor to bevacizumab (Avastin) for the treatment of certain human cancers.
AT008 is directed against CCR4, an important G-protein coupled receptor (GPCR) on the surface of many cancer cells and cells of the immune system.
With the immediate focus of the company being on the speedy implementation of AT001 and AT008 as well as the continued development of Affitech's anti-GPCR discovery pipeline, Dr Robert Burns is leaving the company as chief executive to be replaced by Dr Martin Welschof as managing director. Dr Welschof was formerly chief operating officer and before that managing director of Affitech’s r&d facilities in Oslo, Norway.
Commenting on the changes, Shuster, Affitech's chairman, said: ‘Robert has successfully led the repositioning of Affitech through to the transaction with Trans Nova and the collaboration agreement with NTS Plus and now leaves the company in the capable hands of Martin Welschof as Affitech begins the next stage of its transformation.’
