LG Chem Renews License Triggering Payment to Avacta
June 30 2022 - 5:11AM
Business Wire
LG Chem will now proceed with Investigational
New Drug (IND) enabling studies for Affimer PD-L1 antagonist
programme
Avacta Group plc (AIM: AVCT), a clinical stage biopharmaceutical
company developing innovative cancer therapies and powerful
diagnostics based on its proprietary Affimer® and pre|CISION™
platforms, is pleased to announce that LG Chem Life Sciences (LG
Chem), the life sciences division of the South Korean LG Group, has
exercised its renewal option as part of the ongoing collaboration
with Avacta, triggering a license renewal fee payment to Avacta of
$2 million.
Under the terms of the agreement, LG Chem has the exclusive
rights to develop and commercialise, on a global basis, Avacta’s
Affimer® PD-L1 inhibitor with Affimer XT™ serum half-life extension
for a range of indications. LG Chem has exercised its license
renewal option and will progress the PD-L1/XT candidate by
commencing pre-clinical studies which are intended to form the
basis of an Investigational New Drug (IND) submission.
In December 2018, Avacta and LG Chem entered into a multi-target
development agreement to develop Affimer® therapeutics in several
disease areas. In 2020 the companies agreed to expand this drug
development partnership to include Avacta’s Affimer XT® technology,
which can be used to control the time a drug spends in the
blood.
Dr Alastair Smith, Chief Executive Officer of Avacta,
commented: “I am very pleased with the progress being made by
our partners LG Chem with the Affimer PD-L1 checkpoint inhibitor
programme, which includes the Affimer XT serum half-life extension
technology. The initiation of IND enabling studies represents a
significant step towards first-in-human clinical trials of the
Affimer platform, which is a key value driver for the technology
and for Avacta.”
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Zyme Communications Lily Jeffery E-mail:
lily.jeffery@zymecommunications.com Phone: +44 (0)7891 477 378
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