Affimed Announces Leadership Change and Organizational Restructuring

• Dr. Adi Hoess to step down as CEO and Management Board Member
• Dr. Andreas Harstrick appointed Interim CEO
• Strategic restructuring reducing headcount by up to 50%, extending cash runway into H2 2025
• Go forward organization will focus on advancing clinical programs
• Company confirms guidance on data readouts for AFM24-102 and LuminICE-203 in H1 2024
  

MANNHEIM, Germany, Jan. 08, 2024 (GLOBE NEWSWIRE) --  Affimed N.V. (Nasdaq: AFMD) (the "Company" or "Affimed"), a clinical-stage immuno-oncology company committed to giving patients back their innate ability to fight cancer, today announced that Dr. Adi Hoess, Chief Executive Officer and member of the Management Board, will step down effective January 15, 2024. Dr. Hoess joined Affimed in October 2010 and has served as its Chief Executive Officer since September 2011.

"On behalf of Affimed, I would like to thank Adi for his dedication to the Company. Over the past 13 years, he contributed significantly to the Company's success and guided Affimed’s evolution from an antibody engineering company to an innovative late-stage clinical biotech,” said Dr. Thomas Hecht, Chairman of the Supervisory Board. "On behalf of Affimed, I wish Adi all the best in his future endeavors."

“Leading Affimed has been an exciting and rewarding journey for me and I am proud of the results achieved - an innovative pipeline of assets for the company and its partners,” said Dr. Adi Hoess, Chief Executive Officer. “It has been a privilege to work with the talented and dedicated Affimed team, which shares a strong commitment to deliver meaningful new therapies to patients who need them, and I am confident the Company is well positioned to fulfill its mission.”

The Company has initiated a comprehensive search process to identify a successor CEO. In the interim, Dr. Andreas Harstrick, Chief Medical Officer of the Company, will assume the role of interim CEO until a new CEO is appointed. Andreas has nearly 25 years of extensive experience in cancer drug development, including strategic leadership of three global phase 3 programs of new biological entities that culminated in global regulatory approvals, and multiple pivotal phase 3 studies. Given the clinical focus of the company, Andreas is well positioned to lead the company through the transition to a new CEO while continuing as CMO.