Affimed Moves to File for Insolvency Proceedings Amid Challenges
Affimed N.V. Files for Insolvency Proceedings
Affimed N.V. (Nasdaq: AFMD), a clinical-stage immuno-oncology company, has taken a significant step by filing for insolvency proceedings at the local court in Mannheim, Germany. This decision stems from a series of challenges, particularly in securing the necessary funding to sustain its operations and the operations of its subsidiaries, Affimed GmbH and Affimed Inc.
Challenges in Securing Funding
The company has been actively exploring various strategic transactions with potential investors and partners in a bid to raise additional capital. Despite ongoing efforts, including discussions with different stakeholders, the company has not been able to successfully secure the funds required for its continued operation. This has raised serious concerns about its liquidity and ability to continue as a viable business.
Management's Determination
Given the current financial landscape, the management board has come to a critical conclusion regarding the company’s financial health. It has been determined that both Affimed N.V. and Affimed GmbH are experiencing overindebtedness, making it necessary for the companies to file for insolvency under German law. This situation poses significant uncertainties about the future of both entities.
Insolvency Filing Details
On May 13, 2025, the formal filing for the opening of insolvency proceedings was submitted. This filing covers both Affimed N.V. and Affimed GmbH, as the respective management teams have made these decisions based on the bleak financial outlook. As a result of these proceedings, there’s a possibility of the company’s common shares being suspended from trading, leading to a potential delisting from the Nasdaq Global Market.
Future Considerations
The glide path towards resolving the insolvency proceedings remains unclear. Stakeholders and shareholders alike are advised that the outcomes of these proceedings are highly uncertain. The management team, along with legal and financial advisors, will be assessing the situation and looking for viable options moving forward.
About Affimed N.V.
Affimed N.V. operates in the field of immuno-oncology, focusing on harnessing the power of the innate immune system to develop innovative cancer therapies. The company's proprietary innate cell engagers (ICE) are designed to target and eliminate solid tumors and hematologic malignancies, aiming to restore patients’ innate abilities to combat cancer effectively.
Innovative Approaches in Cancer Treatment
Using its ROCK platform, Affimed has been able to generate tailored molecules that engage the body's immune response specifically to attack cancer cells. Several of these ICE candidates are currently undergoing clinical trials, potentially offering new hope to patients battling various forms of cancer.
Investor and Media Relations
The company remains in touch with its investors, and communications are ongoing as the situation develops. Key contacts for investor relations include Alexander Fudukidis, who serves as the Director of Investor Relations. He is available via email for queries and updates.
For media inquiries, Mary Beth Sandin is the point of contact, handling communications regarding the company's public messaging and media relations.
Frequently Asked Questions
What led to Affimed's decision to file for insolvency?
Affimed's filing for insolvency was necessitated by ongoing challenges in securing adequate funding to continue operations.
What are the implications of the insolvency filing?
The filing may lead to the suspension of the company’s shares from trading and potential delisting from Nasdaq.
How does Affimed's technology work?
Affimed utilizes innate cell engagers (ICE) to target and eliminate cancer cells by leveraging the body's immune response.
Who can investors contact for more information?
Investors can reach out to Alexander Fudukidis, Director of Investor Relations, for updates and inquiries.
What happens next for Affimed?
The company will navigate through the insolvency proceedings while exploring options that could lead to resolution and potential recovery.
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