Avacta/Cytiva Partnership Ahead of Schedule

RNS Number : 4143K

Avacta Group PLC

22 April 2020

 

22 April 2020

Avacta Group plc

("Avacta" or "the Group" or "the Company")

Avacta/Cytiva Partnership Ahead of Schedule

Several highly specific Affimer reagents for a COVID-19 antigen rapid test successfully generated

Avacta Group plc (AIM: AVCT), the developer of Affimer^® biotherapeutics and reagents, is pleased to announce that, in only four weeks and well ahead of schedule, it has successfully generated multiple Affimer reagents that bind the SARS-COV-2 viral antigen as part of the collaboration with Cytiva (formerly GE Healthcare Life Sciences) to develop an Affimer-based rapid test for the COVID-19 coronavirus infection.

The process of generating new Affimer reagents to detect the SARS-COV-2 viral antigen was started in mid-March, shortly before the Company announced its collaboration with Cytiva. Multiple highly specific Affimer binders have now been generated that bind to the spike proteins of the SARS-COV-2 virus and do not cross-react with other very closely related viruses, such as SARS and MERS.

These Affimer reagents will be characterised by Avacta with the aim of developing a laboratory test for the SARS-COV-2 virus antigen within the next few weeks. These Affimer binders will also be transferred to Cytiva shortly for implementation in a point-of-care test strip, similar in appearance to a pregnancy test, giving a visual read-out in minutes using a sample such as saliva.

Avacta owns the intellectual property relating to the SARS-COV-2 Affimer reagents and retains all commercial rights. Avacta is in active discussion with other global diagnostic companies to develop Affimer-based COVID-19 antigen tests to increase high-throughput testing capacity on a world-wide scale.

Dr Alastair Smith, Chief Executive Officer of Avacta Group, commented:  

"The speed with which highly specific Affimer reagents can be generated is just one of the many significant advantages of the technology. I would like to publicly thank Avacta colleagues who have worked long hours and weekends to make astounding progress and generate Affimer reagents against a novel virus in only four weeks and well ahead of schedule.

The need for rapid antigen tests to diagnose COVID-19 infection that can be mass produced for rapid, professional screening of large populations, and for self-testing by consumers themselves, is crucial to limiting and tracking the spread of this disease. Antigen testing will also be critical to lockdown exit strategies around the world in order to get healthy, non-contagious people back to work to re-boot economies, and there will be an ongoing need for several years for antigen testing as the disease recurs.

We have made an excellent start to our collaboration with Cytiva and we expect to shortly be able to provide Affimer reagents to Cytiva to implement on their rapid test strip technology.

I very much look forward to updating the market on progress with Cytiva and on other commercial partnerships in relation to coronavirus testing that we are pursuing."

Klaus Hochleitner, Global Lead, Technology Product Specialist at Cytiva, commented:

 "I am delighted and impressed with the rapid progress made by our partners at Avacta and look forward to receiving Affimer reagents to implement in a lateral flow test on our platform as soon as possible."

THE INFORMATION COMMUNICATED IN THIS ANNOUNCEMENT IS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 596/2014.

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For further information from Avacta Group plc, please contact:

Avacta Group plc Alastair Smith, Chief Executive Officer Tony Gardiner, Chief Financial Officer	Tel:  [phone] www.avacta.com
finnCap Ltd (Nominated Adviser and Joint Broker) Geoff Nash / Giles Rolls - Corporate Finance Tim Redfern - E CM	Tel:  [phone] www.finncap.com
Zeus Capital Limited (Joint Broker) John Goold / Rupert Woolfenden - Corporate Broking Yellow Jersey PR (Financial Media and IR) Sarah Hollins Henry Wilkinson Zyme Communications (Trade and Regional Media) Katie Odgaard	Tel: [phone] www.zeuscapital.co.uk Tel: [phone] Tel: [phone] Tel: [phone] [e-mail] Tel: [phone] [e-mail]

About Avacta Group plc - https://www.avacta.com

Avacta is developing novel cancer immunotherapies combining its two proprietary platforms - Affimer^® biotherapeutics and pre|CISION™ tumour targeted chemotherapy. With this approach, the Company aims to address the lack of a durable response to current immunotherapies experienced by most patients. The Company's therapeutics development activities are based in Cambridge, UK.

The Company benefits from near-term revenues generated from Affimer reagents for diagnostics, bioprocessing and research, through a separate business unit based in Wetherby, UK.

The Affimer platform is an alternative to antibodies derived from a small human protein. Despite their shortcomings, antibodies currently dominate markets worth in excess of $100bn.  Affimer technology has been designed to address many of these negative performance issues, principally: the time taken, and the reliance on an animal's immune response, to generate new antibodies; poor specificity in many cases; large size and cost. 

Avacta's pre|CISION targeted chemotherapy platform, releases active chemotherapy only in the tumour, thereby limiting systemic exposure and damage to healthy tissues, and thereby improving the overall safety and therapeutic potential of these powerful anti-cancer treatments. 

By combining these two platforms the Company is building a wholly owned pipeline of novel cancer therapies with the aim of creating effective treatments for all cancer patients including those who do not respond to existing immunotherapies. Avacta expects to take its first drug, a pre|CISION targeted form of the standard-of-care Doxorubicin, into the clinic in late 2020.

Avacta has established drug development partnerships with pharma and biotech, including with Moderna Therapeutics Inc., a deal with LG Chem worth up to $310m, a partnership with ADC Therapeutics to develop Affimer drug conjugates and has established a joint venture in South Korea with Daewoong Pharmaceutical focused on cell and gene therapies incorporating Affimer immune-modulators. Avacta actively seeks to license its proprietary platforms in a range of therapeutic areas.

Avacta diagnostics business unit works with partners world-wide to develop Affimers for evaluation by those third parties with the objective of establishing royalty bearing license deals. The Company is also developing a small in-house pipeline of Affimer-based diagnostic assays for licensing.

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About Cytiva

Cytiva, formerly known as GE Healthcare Life Sciences, is a global provider of technologies and services that help advance and accelerate the development and manufacture of therapeutics. GE Healthcare Life Sciences was acquired by the Danaher Corporation and renamed Cytiva in March 2020. Cytiva has nearly 7,000 employees and operations in 40 countries.  

https://www.gelifesciences.com/en/gb

 

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