Affimed N.V. (AFMD), a clinical stage biopharmaceutical company that focuses on oncology drugs, Wednesday reported net losses that narrowed in 2018, helped by higher revenues. Net loss fell to €0.32 per share from €0.69 per share a year ago.
The bottom line was partially offset by a 64% hike in research and development expenses during this period, which was due to higher expenses for AFM13 and AFM11 clinical development activities, as well as early-stage development and discovery activities.
Revenues for the year rose to €23.7 million from €2 million in 2017.
CEO Dr. Adi Hoess said, “With our current financial resources, we believe we are well-positioned to achieve additional milestones in 2019 and beyond, including advancing our lead development candidate, AFM13, into a market registration-directed study and entering the clinic with AFM24, our second innate cell engager and a potential treatment for multiple solid tumor malignancies.”
Cash, cash equivalents and current financial assets jumped to €108.8 million as of December 31, 2018,
from €39.8 million during the same period last year.
AFMD shares ended its last trading session 1.75% in green on Tuesday.
READ: ONCONOVA THERAPEUTICS NARROWS LOSSES IN 2018
The stock got a major fillip when it announced in August last year a strategic deal with Genentech to develop and commercialize NK cell engager-based immunotherapeutics to treat multiple cancers. Genentech a member of Swiss multinational healthcare company Roche Group.
Buoyed by this news, the stock has more-than-doubled over the trailing 52 weeks. In the year-to-date period, Affimed shares have increased 25%, primarily helped by a 9% rally earlier this month when the German company said it would receive an undisclosed amount triggered by the achievement of a preclinical milestone under its ongoing strategic collaboration with Genentech.
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