Affimed Announces Filing for the Opening of Insolvency Proceedings
Affimed N.V. (AFMD), a clinical-stage immuno-oncology company, has announced filing for insolvency proceedings with the local court of Mannheim, Germany. Despite ongoing fundraising efforts, the company failed to secure sufficient capital to continue operations of Affimed N.V. and its subsidiaries Affimed GmbH and Affimed Inc.
The management has determined that both Affimed N.V. and Affimed GmbH are overindebted (Überschuldung), necessitating insolvency filing under German law. As a result of these proceedings, Affimed's common shares will be suspended from trading and subsequently delisted from The Nasdaq Global Market. The company's current liquidity condition raises substantial doubt about its ability to continue as a going concern.
Affimed N.V. (AFMD), una società di immuno-oncologia in fase clinica, ha annunciato di aver presentato istanza di procedura di insolvenza presso il tribunale locale di Mannheim, Germania. Nonostante i continui sforzi di raccolta fondi, la società non è riuscita a ottenere capitale sufficiente per proseguire le operazioni di Affimed N.V. e delle sue controllate Affimed GmbH e Affimed Inc.
La direzione ha stabilito che sia Affimed N.V. sia Affimed GmbH sono sovraindebitate (Überschuldung), rendendo necessaria la presentazione della procedura di insolvenza secondo la legge tedesca. Di conseguenza, le azioni ordinarie di Affimed saranno sospese dalla negoziazione e successivamente revocate dalla quotazione sul Nasdaq Global Market. La situazione attuale di liquidità della società solleva seri dubbi sulla sua capacità di continuare come impresa in funzionamento.
Affimed N.V. (AFMD), una empresa de inmuno-oncología en etapa clínica, ha anunciado la presentación de procedimientos de insolvencia ante el tribunal local de Mannheim, Alemania. A pesar de los esfuerzos continuos para recaudar fondos, la empresa no logró obtener suficiente capital para continuar las operaciones de Affimed N.V. y sus subsidiarias Affimed GmbH y Affimed Inc.
La dirección ha determinado que tanto Affimed N.V. como Affimed GmbH están sobreendeudadas (Überschuldung), lo que hace necesaria la presentación de insolvencia conforme a la ley alemana. Como resultado de estos procedimientos, las acciones ordinarias de Affimed serán suspendidas de negociación y posteriormente excluidas del Nasdaq Global Market. La situación actual de liquidez de la empresa genera serias dudas sobre su capacidad para continuar como negocio en marcha.
Affimed N.V. (AFMD)는 임상 단계의 면역 종양학 회사로서 독일 만하임 지방 법원에 파산 절차를 신청했다고 발표했습니다. 지속적인 자금 조달 노력에도 불구하고, 회사는 Affimed N.V. 및 그 자회사인 Affimed GmbH와 Affimed Inc.의 운영을 계속할 충분한 자본을 확보하지 못했습니다.
경영진은 Affimed N.V.와 Affimed GmbH가 모두 과도한 부채(Überschuldung) 상태임을 확인하여 독일 법에 따라 파산 신청이 필요하다고 판단했습니다. 이 절차의 결과로 Affimed의 보통주는 거래가 중단되고 이후 나스닥 글로벌 마켓에서 상장 폐지될 예정입니다. 회사의 현재 유동성 상태는 계속 기업으로서의 존속 가능성에 대해 심각한 의문을 제기합니다.
Affimed N.V. (AFMD), une société d'immuno-oncologie en phase clinique, a annoncé le dépôt d'une procédure d'insolvabilité auprès du tribunal local de Mannheim, en Allemagne. Malgré des efforts continus de levée de fonds, la société n'a pas réussi à obtenir suffisamment de capitaux pour poursuivre les opérations d'Affimed N.V. et de ses filiales Affimed GmbH et Affimed Inc.
La direction a déterminé que tant Affimed N.V. qu'Affimed GmbH sont en situation de surendettement (Überschuldung), rendant nécessaire le dépôt de la procédure d'insolvabilité selon la loi allemande. En conséquence de ces procédures, les actions ordinaires d'Affimed seront suspendues de la négociation puis radiées du Nasdaq Global Market. La situation actuelle de liquidité de la société soulève de sérieux doutes quant à sa capacité à poursuivre son activité.
Affimed N.V. (AFMD), ein klinisch tätiges Immunonkologie-Unternehmen, hat die Beantragung eines Insolvenzverfahrens beim örtlichen Gericht in Mannheim, Deutschland, bekannt gegeben. Trotz fortlaufender Finanzierungsbemühungen konnte das Unternehmen nicht genügend Kapital sichern, um den Betrieb von Affimed N.V. und seiner Tochtergesellschaften Affimed GmbH und Affimed Inc. fortzusetzen.
Die Geschäftsleitung hat festgestellt, dass sowohl Affimed N.V. als auch Affimed GmbH überschuldet sind (Überschuldung), was eine Insolvenzanmeldung nach deutschem Recht erforderlich macht. Infolge dieses Verfahrens werden die Stammaktien von Affimed vom Handel ausgesetzt und anschließend vom Nasdaq Global Market delistet. Die aktuelle Liquiditätslage des Unternehmens wirft erhebliche Zweifel an der Fortführungsfähigkeit auf.
- None.
- Company is filing for insolvency due to inability to raise sufficient capital
- Operations cannot continue due to financial constraints
- Company is overindebted (Überschuldung)
- Stock will be suspended and delisted from Nasdaq
- Substantial doubt about company's ability to continue as a going concern
Insights
Affimed's insolvency filing signals imminent delisting from NASDAQ and likely liquidation after failed fundraising attempts.
Affimed's insolvency filing represents a terminal event for this clinical-stage immuno-oncology company. The company has explicitly declared it's overindebted (Überschuldung) under German law, which indicates liabilities exceed assets with no reasonable prospect of recovery. This filing wasn't merely precautionary—management determined they cannot continue as a going concern.
The simultaneous filing for both the parent company (Affimed N.V.) and its German subsidiary (Affimed GmbH) with the Mannheim court suggests a comprehensive collapse of the corporate structure. Under German insolvency law, this triggers an automatic stay against creditors and appointment of a preliminary insolvency administrator who will assess whether sufficient assets exist to cover procedural costs.
Shareholders should understand that the imminent delisting from NASDAQ will eliminate their liquid market for shares, and typically in such proceedings, equity holders stand last in the recovery line, usually receiving nothing. The company's candid disclosure that it "
This insolvency represents the unfortunate but common endpoint for many clinical-stage biotech companies that exhaust capital before achieving marketable products or attractive acquisition targets.
MANNHEIM, Germany, May 13, 2025 (GLOBE NEWSWIRE) -- Affimed N.V. (Nasdaq: AFMD), a clinical-stage immuno-oncology company committed to giving patients back their innate ability to fight cancer, today announced its decision to file an application for opening of insolvency proceedings with the local court of Mannheim in Germany.
As previously reported, Affimed N.V. (the “Company”) 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 (Überschuldung). 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.
About Affimed N.V.
Affimed (Nasdaq: AFMD) is a clinical-stage immuno-oncology company committed to giving patients back their innate ability to fight cancer by actualizing the untapped potential of the innate immune system. The Company’s innate cell engagers (ICE®) enable a tumor-targeted approach to recognize and kill a range of hematologic and solid tumors. ICE® are generated on the Company’s proprietary ROCK® platform which predictably generates customized molecules that leverage the power of innate immune cells to destroy tumor cells. A number of ICE® molecules are in clinical development, being studied as mono- or combination therapy. Headquartered in Mannheim, Germany, Affimed is led by an experienced team of biotechnology and pharmaceutical leaders united by the bold vision to stop cancer from ever derailing patients’ lives. For more about the Company’s people, pipeline and partners, please visit: www.affimed.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “intend,” “look forward to,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions. Forward-looking statements include, among other things, statements regarding the Company’s and Affimed GmbH’s liquidity condition and their ability to continue as a going concern, the insolvency proceedings and the listing or trading of the Company’s common shares. Actual results may differ materially from the results anticipated by the Company’s forward-looking statements due to certain risks, uncertainties and other factors described under the heading “Risk Factors” in the Company’s filings with the Securities and Exchange Commission. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements, and the Company assumes no obligation to update these forward-looking statements, even if new information becomes available in the future.
Investor Relations Contact
Alexander Fudukidis
Director, Investor Relations
E-Mail: a.fudukidis@affimed.com
Tel.: +1 (917) 436-8102
Media Contact
Mary Beth Sandin
Vice President, Marketing and Communications
E-Mail: m.sandin@affimed.com
FAQ
Why is Affimed (AFMD) filing for insolvency in 2025?
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