Distribution Agreement with ABCAM plc

RNS Number : 4030U

Avacta Group PLC

06 April 2021

 

6 April 2021

Avacta Group plc

("Avacta" or "the Group")

Distribution Agreement with ABCAM plc

Global distribution agreement with ABCAM plc to sell Avacta's
SARS-CoV-2 research ELISA¹ Affimer^® reagents

Avacta Group plc (AIM: AVCT), the developer of innovative cancer therapies and diagnostics based on its proprietary Affimer^® and pre|CISION^™ platforms, is pleased to announce that it has entered into a global distribution agreement with ABCAM plc (AIM: ABC; NASDAQ: ABCM) to sell the Group's recently developed SARS-CoV-2 research ELISA Affimer^® reagents.

Avacta has developed Affimer^® reagents which can be used in a high performance ELISA laboratory test to detect the SARS-CoV-2 spike protein with high sensitivity and excellent specificity for the spike protein of the original strain of the virus and other dominant variants such as B117 ("Kent" strain) and D614G.

ABCAM is one of the world's leading suppliers of high-quality biological reagents and kits which are used in a wide range of fields including drug discovery, diagnostics and basic research. Under the worldwide, non-exclusive distribution agreement, ABCAM will enable the global research community to access Avacta's SARS-CoV-2 spike protein Affimer^® research reagents through its on-line catalogue. This will allow scientists around the world to perform the ELISA test in their own laboratories and support the global fight against the pandemic.

Dr Alastair Smith, Chief Executive of Avacta Group commented:

"We are delighted that we have established a global route to market for the SARS-CoV-2 spike protein Affimer^® reagents   through ABCAM's dedicated global commercialisation infrastructure. 

As far as we are aware, our spike protein ELISA test is the most sensitive test of its kind and, in ABCAM, we have a world-leading partner capable of maximising the commercial potential of the Affimer^® reagents by making them globally available to scientists who are researching into the SARS-CoV-2 coronavirus.

I look forward to further updating the market on progress across the Group in due course."

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).

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 For further information from Avacta Group plc, please contact:

 

Avacta Group plc	Tel: [phone]
Alastair Smith, Chief Executive Officer	www.avacta.com
Tony Gardiner, Chief Financial Officer
finnCap Ltd (Nominated Adviser and Joint Broker)	Tel: [phone]
Geoff Nash / Giles Rolls - Corporate Finance Tim Redfern - ECM	www.finncap.com
Stifel Nicolaus Europe Limited (Joint Broker)	Tel: [phone]
Nicholas Moore / Nick Adams / Fred Walsh / Ben Maddison	www.stifel.com
FTI Consulting (Financial Media and IR)	Tel: [phone]
Simon Conway / Stephanie Cuthbert	[e-mail]
Zyme Communications (Trade and Regional Media)	Tel: [phone]
Katie Odgaard	[e-mail]

¹ Enzyme Linked Immuno-Sorbent Assay

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

Avacta Group is developing novel cancer immunotherapies and powerful diagnostics based on its two proprietary platforms - Affimer^® biologics and pre|CISION^™ tumour targeted chemotherapies.

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

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

The Group comprises two divisions: The therapeutics development activities are based in Cambridge, UK and the Group is generating near-term revenues from Affimer reagents for diagnostics, bioprocessing and research, through a separate diagnostics business unit based in Wetherby, UK.

Avacta's Diagnostics Division works with partners world-wide to develop bespoke Affimer reagents for third party products. The Group is also developing an in-house pipeline of Affimer-based diagnostic assays including the AffiDX^® SARS-CoV-2 Lateral Flow Rapid Antigen Test and an AffiDX^® BAMS^™ SARS-CoV-2 Assay in partnership with Adeptrix Inc.

Avacta's Therapeutics Division is addressing a critical gap in current cancer treatment - the lack of a durable response to current immunotherapies experienced by most patients. By combining its two proprietary platforms the Group is building a wholly owned pipeline of novel cancer therapies deigned to be effective for all cancer patients. In 2021 Avacta will commence a phase 1 first-in-human, open label, dose-escalation and expansion study of AVA6000 Pro-doxorubicin, the Group's lead pre|CISION^™ prodrug, in patients with locally advanced or metastatic selected solid tumours.

Avacta has established drug development partnerships with pharma and biotech, including a research collaboration with ModernaTX,Inc. (formerly Moderna Therapeutics Inc.), 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, a partnership with ADC Therapeutics to develop Affimer-drug conjugates and a collaboration with Point Biopharma to develop radiopharmaceuticals based on the pre|CISION^™ platform. Avacta continues to actively seek to license its proprietary platforms in a range of therapeutic areas.

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