Home Uncategorized Affimed is raising $ 90 million in its next shareholder

Affimed is raising $ 90 million in its next shareholder


Affimed (AFMD) announced on Tuesday that it had sold 22,500,000 common shares at a price of $ 4.00 per share for gross revenue of $ 90 million.

A German company in Heidelberg is developing therapeutic agents for a wide range of cancers.

As of December 31, 2021, Affimed had $ 224 million in cash and cash equivalents, which the company said would continue until the second half of 2023.

A net revenue supplement of approximately $ 84.6 million will add to the runway for nearly another year based on a net cash outflow in 2021 of $ 98 million.

Image source: Affimed

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Wide pipeline

Affimed has developed what it calls Congenital Cell Molecules (ICE), designed to activate the innate immune system to provide targeted therapy for a variety of cancer indications.

The company’s leading candidate, AFM13, is currently in a phase 1/2 study at the Anderson University of Texas Cancer Center in patients with CD30-positive relapses or Hodgkin’s refractory lymphoma and non-Hodgkin’s lymphoma.

Affimed presented updated data at the annual meeting of the American Association for Cancer Research (AACR) in 2022, which showed a 100% objective response rate (ORR) and an improvement in complete response rate (CR) to 62% at the recommended phase 2 dose in 13 patients after two cycles of therapy.

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Investment dissertation

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Affimed has been public since 2014. Long-term investors have had several sharp peaks separated by deep depressions, and the stock has been a disappointment for most of last year, losing 64% of its value since April 2021.

This is not a quick deal in any way, but we believe that investors with a time horizon of at least one year and a high risk tolerance have many reasons for optimism.

  • The company has a wide pipeline focused on areas with great unmet need.
  • Recent significant clinical data in CD30-positive lymphomas.
  • Several clinical catalysts in 2022:

    • AFM13

      • Peripheral T-cell lymphoma monotherapy (PTCL): registration completed in January 2022; The top line data is expected in the second half of 2022
      • Combination of NK cells in CD30 + lymphoma: data updated in AACR 2022; additional updates and recommendations for further development are planned in the second half of 2022

    • AFM24

      • Monotherapy: The recommended dose for phase 2, enrollment cohort expansion, AACR upgrade and additional upgrades scheduled for the second half of 2022 have been determined.
      • Combination of NK cells: the study began with updates expected in the second half of 2022
      • Combination of checkpoint inhibitors against PD-L1: the study began with updates expected in the second half of 2022

    • AFM28

      • Initial preclinical data presented at ASH 2021; Further data updates are planned for the second quarter and second half of 2022
      • The submission of IND to the FDA is expected in the second quarter of 2022; The start of the first human clinical trial is expected in the second half of 2022
  • Clinical partnerships with companies such as Genentech, Merck and Roche, as well as with institutions such as the Anderson MD Cancer Center.
  • As of December 31, 2021, this latest capital increase is more than $ 300 million in cash and cash equivalents.
    • Available runway in the second half of 2024.


Source: Stock news

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