TIDMAVCT
RNS Number : 6312L
Avacta Group PLC
16 May 2022
16 May 2022
Avacta Group plc
("Avacta" or "the Group" or "the Company")
AffyXell expands its strategic partnership with GenScript
ProBio
AffyXell, Avacta's joint venture with Daewoong Pharmaceutical,
expands its manufacturing partnership with GenScript ProBio for
cell therapies
GenScript ProBio agrees to take an equity stake in AffyXell as a
strategic investor at next funding round
Avacta Group plc (AIM: AVCT), a clinical stage biopharmaceutical
company developing innovative cancer therapies and powerful
diagnostics based on its proprietary Affimer(R) and pre|CISION(TM)
platforms, is pleased to announce that AffyXell, its joint venture
with South Korean drug maker Daewoong Pharmaceutical, has expanded
its strategic partnership with GenScript ProBio, a leading
biopharmaceutical manufacturer.
AffyXell is a joint venture established in January 2020 by
Daewoong Pharmaceutical and Avacta, d evelop ing the next
generation of cell and gene therapies based on mesenchymal stem
cells which incorporate Affimer (R) immunotherapies . This new
class of stem cell therapy is designed to produce Affimer(R)
proteins, in situ in the body, that reduc e inflammatory or
autoimmune responses to the stem cell therapy to potentially
enhance their therapeutic effects .
GenScript ProBio, part of Genscript Biotech Corporation (HKG:
1548), is a leading global contract development and manufacturing
organisation providing a best-in-class, one-stop platform for
research and development of biological drugs, DNA plasmids and
lentiviruses, and for clinical production of cell and gene therapy
products.
AffyXell and GenScript ProBio are extending their strategic
manufacturing partnership, which they entered into in December
2021, that covers AffyXell's first drug development programme to
include additional future programmes. The partnership covers
process development and production of viral vectors required for
the production of AffyXell's future cell therapy products. In
addition, as part of this strategic alliance, GenScript has now
committed to take an equity position in AffyXell at a future
funding round, and the two companies will collaborate in the area
of business development, including potential out licensing.
Dr Alastair Smith, Chief Executive of Avacta Group plc
commented:
"This is an important strategic partnership for AffyXell with a
world leading contract development and manufacturing partner. The
fact that GenScript ProBio are prepared to take a strategic equity
stake in AffyXell is a very strong validation of the potential for
AffyXell's next generation cell and gene therapies, and the future
valuation of the business.
"We are delighted with the excellent progress being made by
AffyXell with the Affimer(R) immunomodulators provided by Avacta
under our joint venture agreement."
Jongsang Ryu, Chief Executive Officer of AffyXell said :
"We were able to attract strategic investment from the CDMO
partner as the excellence and potential of our next-generation cell
therapy platform have been recognized.
"This agreement will be an opportunity to accelerate the
development of therapies targeting intractable diseases, providing
meaningful options for the suffering patients."
Dr Brian Min, Chief Executive Officer of GenScript ProBio
commented:
"We are pleased to partner with AffyXell and are honored to
support this next-generation cell therapy project with GenScript
ProBio's stable and high-yield viral vector platform. We expect
many patients to benefit from this innovative genetically modified
mesenchymal stem cells therapy soon."
- ENDS -
This announcement contains information which, prior to its
disclosure, was considered inside information for the purposes of
Article 7 of Regulation (EU) No 596/2014 (MAR).
For further information from Avacta Group plc, please
contact:
Avacta Group plc Tel: +44 (0) 844 414 0452
Alastair Smith, Chief Executive www.avacta.com
Officer
Tony Gardiner, Chief Financial Officer
Michael Vinegrad, Group Communications
Director
Stifel Nicolaus Europe Limited (Nomad Tel: +44 (0) 207 710 7600
and Broker) www.stifel.com
Nicholas Moore / Nick Adams / Fred
Walsh / Nicholas Harland
FTI Consulting (Financial Media Tel: +44(0) 203 727 1000
and IR) Avacta.LS@fticonsulting.com
Simon Conway / Alex Shaw / George
Kendrick
Zyme Communications (Trade and Tel: +44 (0)7891 477 378
Regional Media) lily.jeffery@zymecommunications.com
Lily Jeffery
About Avacta Group plc - www.avacta.com
Avacta Group is developing novel cancer immunotherapies and
powerful diagnostics based on its two proprietary platforms -
Affimer(R) biologics and pre|CISION(TM) tumour targeted
chemotherapies.
The Affimer(R) platform is an alternative to antibodies and is
derived from a small human protein. Affimer technology has been
designed to address many of the negative issues of antibodies,
principally: the time taken to generate new antibodies, the
reliance on an animal's immune response; poor specificity in many
cases; in addition to, the complexity and high cost of manufacture.
Despite these shortcomings, antibodies currently dominate markets,
such as diagnostics and therapeutics, which are worth in excess of
$100bn.
Avacta's pre|CISION(TM) targeted chemotherapy platform is
designed to selectively release active chemotherapy in FAP rich
tumour tissue to limit the systemic exposure that causes damage to
healthy tissues, and thereby aims to improve the overall safety and
therapeutic potential of these powerful anti-cancer treatments.
The Avacta Group comprises two divisions: The therapeutics
development activities are based in London, UK and a separate
diagnostics business unit is based in Wetherby, UK. The Group is
generating near-term revenues from Affimer(R) reagents for
diagnostics, bioprocessing and research.
Avacta's Diagnostics Division is developing an in-house pipeline
of Affimer-based diagnostic assays, including the AffiDX(R)
SARS-CoV-2 Lateral Flow Rapid Antigen Test, and works with partners
world-wide to develop bespoke Affimer(R) reagents for third party
products.
Avacta's Therapeutics Division is working to generate more
tolerable and durable treatments for oncology patients who do not
respond to existing therapies. By combining its two proprietary
platforms the Group is building a wholly owned pipeline of
clinically differentiated cancer therapies. In 2021 Avacta
transitioned to become a clinical stage biopharmaceutical company,
when it commenced a phase I trial in patients with locally advanced
or metastatic selected solid tumours. The study was a
first-in-human, open label, dose-escalation and expansion study of
the Group's lead pre|CISION(TM) prodrug, AVA6000 (a
pro-doxorubicin).
Avacta has established drug development partnerships with pharma
and biotech, including a multi-target deal with LG Chem worth up to
$400m, a joint venture in South Korea with Daewoong Pharmaceutical
focused on cell and gene therapies incorporating Affimer
immune-modulators and a recent license agreement with Point
Biopharma for them to develop radiopharmaceuticals based on the
pre|CISION(TM) platform.
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