Second Milestone in AffyXell Joint Venture
5 June 2023
Avacta Group plc
("Avacta" or "the Group" or "the Company")
Avacta Achieves Second Milestone in AffyXell Joint Venture Triggering Increased Equity Stake
Avacta Group plc (AIM: AVCT), a life sciences company developing innovative, targeted oncology drugs and powerful diagnostics, is pleased to announce that a second milestone equity payment has been triggered resulting in an increase in Avacta's shareholding in AffyXell Therapeutics ("AffyXell"), a joint venture to develop next-generation cell therapies between Avacta and Daewoong Pharmaceutical ("Daewoong") in South Korea.
Avacta has successfully developed and characterised Affimer® proteins against the second target of interest for AffyXell and has filed a patent application for the associated intellectual property triggering the second milestone. The second milestone will result in an increase in Avacta's shareholding in AffyXell, which currently stands at 19%. The exact shareholding will be determined, as with the first milestone payment which was achieved in April 2022, following a formal valuation of AffyXell.
AffyXell was established in January 2020 by Avacta and Daewoong as a joint venture to develop novel mesenchymal stem cell ("MSC") therapies. AffyXell is combining Avacta's Affimer® platform with Daewoong's MSC platform such that the stem cells are genetically modified to produce and secrete therapeutic Affimer® proteins with immuno-modulatory effects in situ in the patient. The Affimer® proteins are designed to enhance the therapeutic effects of the MSC creating a novel, next generation cell therapy platform.
Dr Alastair Smith, Chief Executive Officer of Avacta Group, commented:
"We are delighted that such rapid progress has been made with the second target in our joint venture in South Korea. There is great potential for AffyXell's novel, engineered mesenchymal stem cell platform incorporating Avacta's Affimer® technology to deliver significant improvements to the standard of care for patients with serious diseases.
"We continue to work closely with our colleagues at AffyXell and Daewoong to advance this cutting edge therapeutic platform."
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For further information from Avacta Group plc, please contact:
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Avacta Group plc Alastair Smith, Chief Executive Officer Tony Gardiner, Chief Financial Officer Michael Vinegrad, Group Communications Director
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Tel: +44 (0) 1904 21 7070 |
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Stifel Nicolaus Europe Limited (Nomad and Broker) Nicholas Moore / Nick Adams / Samira Essebiyea / Nick Harland / Dhiren Suares / William Palmer-Brown
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Tel: +44 (0) 207 710 7600 |
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FTI Consulting (Financial Media and IR) Simon Conway / Alex Shaw
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Tel: +44(0) 203 727 1000 |
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Zyme Communications (Trade and Regional Media) Lily Jeffery
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Tel: +44 (0)7891 477 378 |
About Avacta Group plc - https://www.avacta.com
Avacta Group plc is a life sciences company working to improve people's health and well-being through innovative oncology drugs and powerful diagnostics. Operating through two divisions, Diagnostics and Therapeutics, the Group's mission is to provide professionals and consumers with solutions that improve healthcare, fitness and well-being.
Avacta's Therapeutics Division, a clinical stage oncology drug innovator, is building a wholly owned pipeline of novel Affimer® immunotherapies and pre|CISION™ tumour targeted chemotherapies. This approach is designed to address the lack of a durable response to current cancer immunotherapies experienced by most patients and reduce the severe systemic toxicities caused by chemotherapies. There are five programmes in the pipeline as well as several global research collaborations and licensing partnerships. Avacta's lead programme, AVA6000, is a pre|CISION™ tumour-targeted form of the established chemotherapy doxorubicin. AVA6000 is in Phase I clinical trials in patients with locally advanced or metastatic selected solid tumours.
The Affimer® platform is an alternative to antibodies that has been designed to address many of the drawbacks of antibodies which, despite their shortcomings, currently dominate the immuno-diagnostics and immuno-therapeutics markets.
The pre|CISION™ tumour targeting platform can be used to modify a chemotherapy in order to selectively release the active drug in tumour tissue thereby reducing the systemic exposure that causes damage to healthy tissues. pre|CISION™ modified chemotherapies are designed to reduce the side effects and improve the overall safety and therapeutic potential of these powerful anti-cancer treatments.
Avacta's Diagnostics Division develops and supplies a broad range of in-vitro diagnostic (IVD) solutions. The Division is growing rapidly through an M&A strategy to deliver a global scale IVD business providing market leading solutions for healthcare professionals and consumers to inform treatment and monitor health and well-being. In October 2022, Avacta acquired Launch Diagnostics which serves the hospital pathology laboratory market in the UK and Europe. In May 2023, Avacta acquired Coris Bioconcept a Belgium based lateral flow test developer and manufacturer adding a broad range of marketed professional-use rapid tests into the Diagnostics Division. Avacta Diagnostic's research and development centre in Wetherby, UK uses its proprietary Affimer® platform to differentiate immunodiagnostic products to provide marketing leading performance.
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