Avacta Group PLC Update on COVID-19 Test Development Partnership (8569Q)
June 24 2020 - 1:00AM
UK Regulatory
TIDMAVCT
RNS Number : 8569Q
Avacta Group PLC
24 June 2020
24 June 2020
Avacta Group plc
("Avacta" or "the Group" or "the Company")
Update on COVID-19 Rapid Antigen Test Development Partnership
with Cytiva
Positive initial data from first Affimer-based rapid test strips
for SARS-COV-2 spike protein
Avacta Group plc (AIM: AVCT), the developer of Affimer(R)
biotherapeutics and reagents is pleased to announce that the first
Affimer-based rapid test strips to detect SARS-COV-2 spike protein
have been developed and evaluated by Avacta's partners at Cytiva
(formerly GE Healthcare Life Sciences) and show positive initial
performance data.
In mid-May Avacta provided Affimer reagents that are specific to
the SARS-COV-2 spike protein to Cytiva which has now developed the
first lateral flow test strips using these reagents and generated
initial performance data using coronavirus spike protein.
These data show that the test strips detect the spike protein in
model samples at concentrations within the clinical range found in
saliva of patients with COVID-19. Work continues now to refine the
test strip design, optimise its performance and get the best
detection limit possible in order to generate the highest
sensitivity in the final rapid test product.
Following the optimisation of the lateral flow test by Cytiva
the design will then be transferred to manufacturing partners in
the UK that are currently being put in place by Avacta. The Company
is working with these manufacturers to compress the normal
manufacturing, clinical validation and regulatory timelines in
order to bring a product to market as quickly as possible.
Dr. Alastair Smith, Chief Executive of Avacta Group
commented:
"I am delighted with the progress made by our partners at Cytiva
and very encouraged by the positive data from the first test
devices. We now need to optimise the test performance to achieve
the best possible limit of detection as this will ultimately play a
significant factor in determining the clinical sensitivity of the
test.
This is a really positive step and we aim to have completed the
optimisation very soon so that we can begin the transfer to
manufacturers. I will be updating the market on progress in due
course."
Klaus Hochleitner, Global Lead, Technology Product Specialist at
Cytiva, commented:
"I am pleased that the test development has progressed from a
working initial design to now focussing on optimising the test as
much as possible. The Affimer reagents have worked well in lateral
flow test strips and we are very encouraged by the initial
data."
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).
- Ends-
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
finnCap Ltd (Nominated Adviser Tel: +44 (0) 207 220 0500
and Joint Broker) www.finncap.com
Geoff Nash / Giles Rolls - Corporate
Finance
Tim Redfern - E CM
Zeus Capital Limited (Joint Tel: +44 (0)203 829 5000
Broker) www.zeuscapital.co.uk
John Goold / Rupert Woolfenden
- Corporate Broking
Tel: +44 (0)203 004 9512
Yellow Jersey PR (Financial avacta@yellowjerseypr.com
Media and IR)
Sarah Hollins
Henry Wilkinson Tel: +44 (0)7787 502 947
katie.odgaard@zymecommunications.com
Zyme Communications (Trade
and Regional Media)
Katie Odgaard
About Avacta Group plc - https://www.avacta.com
Avacta is developing novel cancer immunotherapies combining its
two proprietary platforms - Affimer(R) biotherapeutics and
pre|CISION(TM) 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 later in 2020 or
early 2021.
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.
To register for news alerts by email go to
www.avacta.com/investor-news-email-alerts
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDSESESDESSESM
(END) Dow Jones Newswires
June 24, 2020 02:00 ET (06:00 GMT)
Avacta (LSE:AVCT)
Historical Stock Chart
From Apr 2024 to May 2024
Avacta (LSE:AVCT)
Historical Stock Chart
From May 2023 to May 2024