Success with pre-Clinical Milestone triggers Payment

Clinical stage biopharmaceutical Avacta Group has announced achievement of a pre-clinical milestone in its multi-target therapeutics development partnership (ILM No, 2020) with LG Chem Life Sciences, the life sciences division of the South Korean LG Group, resulting in an undisclosed milestone payment.

 The agreement allows LG Chem development rights on a world-wide basis of Avacta’s Affimer® PD-L1 inhibitor with Affimer XT® serum half-life extension, along with some other biotherapeutics combined with Affimer XT® half-life extension for a range of indications.

LG Chem has successfully completed certain pre-clinical in-vivo models in the PD-L1/XT programme leading to the selection of a pre-clinical candidate for further development towards the clinic which triggered the payment.

 Dr. Alastair Smith, Chief Executive of Avacta Group, commented: “I am delighted with the progress in our important strategic partnership with LG Chem. LG Chem is a world-class drug development partner with excellent biologics manufacturing and clinical development capabilities and a pioneering vision to develop innovative drugs.

 “I am particularly pleased that we have achieved this significant milestone with a novel Affimer® bispecific product, which highlights the tremendous promise of the Affimer® platform.”

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