BioInvent International AB (OMXS: BINV), a Sweden-based clinical stage company that discovers and develops novel and first-in-class immuno-modulatory antibodies for cancer therapies, has extended the research term of its cancer immunotherapy research collaboration and license agreement with United States-based Pfizer Inc until the end of 2020, it was reported on Wednesday.

Both firms entered into a contract in December 2016 for the development and commercialisation of antibodies aimed at tumour-associated myeloid cells discovered using the company's proprietary FIRSTTM drug discovery platform. The aim of the research extension is to allow the firms to further identify and characterise new targets and antibodies binding to these targets.

In 2019 Pfizer selected the first and second target under the agreement, which triggered two payments from Pfizer to BioInvent of USD300,000. BioInvent is likely to be eligible for further milestone payments from development of antibodies directed against these targets and from the selection of additional targets and the development of antibodies directed against those targets.