Success of MSC Development Target triggers Milestone Payment

Life sciences company Avacta has announced a second milestone equity payment increasing its shareholding in AffyXell Therapeutics, a joint venture to develop next-generation cell therapies between Avacta and Daewoong Pharmaceutical in South Korea.

Following successful development and characterisation of Affimer® proteins against the second target of interest for AffyXell, application to file a patent for the associated intellectual property triggered the second milestone. The exact increase in the shareholding will be determined, as with the first milestone payment, following a formal valuation of the joint company.

Established in January 2020, AffyXell develops novel mesenchymal stem cell ("MSC") therapies. 

Dr Alastair Smith, Chief Executive Officer of Avacta Group, said: “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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