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Affimed receives Nasdaq delisting notice
Affimed announced that it has received a written notice from the staff of the Nasdaq Listing Qualifications Department notifying the company that, in accordance with Nasdaq Listing Rule 5101, 5110(b) and IM-5101-1, the trading of the company's common shares will be suspended at the opening of business on May 20, and a Form 25 Notification of Delisting will be filed with the U.S. SEC to delist the company's securities from The Nasdaq Stock Market. The company does not expect to appeal this determination.
Affimed downgraded to Neutral from Buy at H.C. Wainwright
H.C. Wainwright downgraded Affimed to Neutral from Buy without a price target after the company announced its decision to file an application for opening of insolvency proceedings with the local court of Mannheim in Germany. Filing for the insolvency proceedings results in Affimed's common shares being suspended from trading on, and subsequent delisting from the Nasdaq, the analyst tells investors in a research note.
Affimed announces filing for opeing of insolvency proceedings
Affimed announced its decision to file an application for opening of insolvency proceedings with the local court of Mannheim in Germany. As previously reported, Affimed has been engaged in discussions with potential investors and partners with respect to potential strategic transactions to raise additional capital. Despite its continuous and ongoing fundraising efforts, the Company has not been able to raise sufficient additional funds to continue the operations of the Company and its controlled (and wholly owned) subsidiaries Affimed GmbH and Affimed Inc. Further, based on currently available information, the Company's liquidity condition raises substantial doubt about the Company's ability to continue as a going concern. As a consequence, the members of the management board of the Company have determined in respect of the Company and the managing directors of Affimed GmbH have determined in respect of Affimed GmbH that the companies are overindebted. The management of the Company and the management of Affimed GmbH have determined with regards to the respective company that they must file for insolvency under German law. Following such determination, on May 13, 2025, the members the management board of the Company filed for the opening of ordinary insolvency proceedings over the assets of the Company and the managing directors of Affimed GmbH filed for the opening of ordinary insolvency proceedings over the assets of Affimed GmbH with the local court of Mannheim in Germany. There can be no assurance as to the outcome of any preliminary or formal insolvency proceedings with respect to the Company or Affimed GmbH or as to whether the companies will emerge from insolvency as a going concern. Further, the insolvency filing in respect of the Company and resulting preliminary and formal insolvency proceedings will also result in the Company's common shares being suspended from trading on, and subsequent delisting from, The Nasdaq Global Market.
Affimed receives Nasdaq notice of non-compliance
Affimed announced that it has received a written notice dated April 15 from the Listing Qualifications Department of The Nasdaq Stock Market indicating that, for the last thirty consecutive business days, the bid price for the company's common shares had closed below the minimum $1.00 per share requirement for continued listing on the Nasdaq under Nasdaq Listing Rule 5450(a)(1). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the company has been provided an initial period of 180 calendar days, or until October 13, to regain compliance.
Affimed's AFM24/atezolizumab combination shows positive results in NSCLC trial
Affimed announced updated clinical data from the ongoing AFM24-102 trial of AFM24/atezolizumab combination therapy in heavily pretreated NSCLC patients. Results continue to demonstrate meaningful clinical activity in both Non-Small Cell Lung Cancer, or NSCLC, EGFRwt and EGFRmut patients with good tolerability. In addition, the company reported findings from a post-hoc exposure-response analysis in patients treated with 480 mg AFM24 showing higher AFM24 exposure is associated with significantly better response rates, improved PFS and overall survival. Based on these data, the future development program for AFM24 will use a dose of 720 mg weekly, a dose that has already been successfully tested in the phase 1 study of AFM24 showing a manageable safety profile. "Advanced-stage NSCLC remains one of the most challenging cancers to treat, and our findings bring new hope," said CMO Andreas Harstrick. "We see compelling efficacy results with the AFM24/atezolizumab combination in heavily pretreated NSCLC patients, independent from the mutational status. The results are remarkable as we achieve this with a purely immunotherapy-based approach in patients that are often not able or not willing to take additional toxic therapies. The insights in the relation of exposure and efficacy will allow us to further improve on the efficacy and provide a clear path forward as we strive to unlock new possibilities for EGFR NSCLC patients."
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