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 PRESS RELEASE
Oslo, July 1, 1999
Affitech AS raises an additional NOK 16 Million in Private Placement
Affitech AS announced today the completion of its third private placement, raising an additional NOK 16 million. The
placement enables the company to continue to expand and to strengthen its intellectual property position as well as to
develop new lead compounds for the biomedical market. The Oslo-based company uses its proprietary combinatorial
library technology to develop novel antibodies and to integrate these key reagents into diagnostic and therapeutic products.
Dr. Ole J. Marvik, Managing Director of Affitech, says, "This round of financing has been very successful and allows
us to continue our expansion to become a major player in the recombinant antibody industry. Our new investors have
clearly indicated their long term commitment to the company and is a major step forward towards reaching our strategic
plans.
Among others, the private placement included Teknoinvest and SND Invest, two of the major investment companies in Norway
that specialize on new technology. Teknoinvest’s representative Dr. Steinar Engelsen says, "we invested in
Affitech after a careful evaluation of the company’s technology and in recognition of the significant progress made to
date. We see great potential in Affitech and look forward to contributing to the further growth of the company."
Affitech is a joint initiative between Dr. Ole J. Marvik, based in Oslo, and Prof. Melvyn Little at the German Cancer Research
Centre in Heidelberg. With four colleagues, they formed Affitech in 1997 aiming at exploiting recombinant antibodies for
novel immunodiagnostic and therapeutic products.
The ability to tailor-make antibodies is one of the major new enabling technologies that has been developed over the last
decade. It is expected to have far-reaching implications for all antibody-based products. With proprietary technology in this
field, as well as extensive experience and know-how, Affitech expects to capitalize on this new development and to become
a leader in the field.
For further information please contact Affitech AS
Dr. Ole J. Marvik, Managing Director
Tel: +47 22 95 87 58
Email: o.j.marvik@affitech.com
Web page: http://www.affitech.com
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