Affimed Announces Transition and Restructuring

Affimed, a leading biopharmaceutical company, has announced that its Chief Executive Officer, Adi Hoess, will be stepping down effective Jan. 15. Hoess has held the position since September 2011 and has played a pivotal role in the company's success.

In light of this transition, Affimed will be commencing a thorough search process to identify a suitable successor. In the interim, Chief Medical Officer Andreas Harstrick will assume the responsibilities of the CEO position.

As part of its strategic initiatives, Affimed has also undertaken a workforce restructuring plan aimed at streamlining its operations. This plan involves reducing the workforce by up to 50% through the dissolution of its research and preclinical development departments. By doing so, Affimed aims to focus all its resources on advancing the development of its ongoing clinical programs.

The company's restructuring efforts are expected to significantly extend its cash runway, ensuring financial stability well into the second half of 2025.

Furthermore, Affimed recently announced the divestiture of AbCheck, a move that will provide additional financial support for its ongoing clinical development activities.

Affimed remains committed to its mission of bringing innovative therapies to patients in need. With these strategic changes in place, the company is well-positioned to continue making significant contributions to the field of biopharmaceutical research and development.