TIDMAVCT
Avacta Group PLC
11 May 2022
11 May 2022
Avacta Group plc
("Avacta" or "the Group" or "the Company")
Avacta establishes new Therapeutics headquarters at
Scale Space, Imperial College White City Campus
Relocation brings Avacta's Therapeutics research and development
teams together in a single space to accelerate Avacta's therapeutic
programmes into the clinic
Scale Space and Imperial College's White City Campus provides
access to world class facilities, a vibrant life sciences network
and access to the best talent for a growing biotechnology
company
Avacta Group plc (AIM: AVCT), a clinical stage oncology drug
company developing innovative cancer therapies and powerful
diagnostics based on its proprietary pre|CISION(TM) and Affimer(R)
platforms, announces that the Company has relocated its
Therapeutics division to a new headquarters at Scale Space, in
Imperial College's White City Campus, London.
The new headquarters, which will see Avacta be part of a life
science cluster at the west London site, brings together its
research and development teams to support the continued growth of
the Company's pre-clinical and clinical development pipelines of
innovative cancer therapies. The move follows the transition of
AVA6000, the Company's lead pre|CISION(TM) targeted chemotherapy
programme and a tumour activated form of doxorubicin, into the
clinic in August 2021.
Opened in July 2020 as a joint venture between Blenheim Chalcot,
the UK's leading digital venture builder, and Imperial College
London, Scale Space is part of the broader White City Innovation
District. White City is currently home to over 140 companies across
a broad range of industries including pharmaceutical and
biotech.
Dr Fiona McLaughlin, Chief Scientific Officer of Avacta,
commented:
"This move is the result of a clear vision to bring together the
research and development teams into one hub to facilitate the
translation of our in-house research from bench to bedside. We are
now at the heart of the innovative White City community in London,
readily accessible to our collaborators around the world and poised
to take Avacta to the next level in its evolution as a clinical
stage biopharmaceutical company."
Neil Bell, Chief Development Officer of Avacta, commented:
"The relocation of Avacta's Therapeutics division to Scale Space
in the heart of Imperial College's White City Campus is a
transformative milestone for our business, as we take the next
steps towards developing our innovative oncology pipeline and
improving our ability to bring these innovative therapies through
to patients. This new location gives Avacta access to world class
facilities, increased opportunities for collaboration and access to
a significant talent pool to take the business forward."
Michael Holmes, CEO of Scale Space commented:
"We are delighted to partner with Avacta in the next phase of
their growth - the fact that such an innovative organisation has
chosen Scale Space, White City, ahead of any other location they
could have picked, is another clear indicator that the White City
Innovation District is one of the best locations for businesses
looking to immerse themselves in a thriving ecosystem and attract
top tier talent to innovate and scale."
- ENDS -
For further information from Avacta Group plc, please
contact:
Avacta Group plc
Alastair Smith, Chief Executive Officer Tel: +44 (0) 844 414 0452
Tony Gardiner, Chief Financial Officer www.avacta.com
Michael Vinegrad, Group Communications
Director
Stifel Nicolaus Europe Limited (Nomad Tel: +44 (0) 207 710 7600
and Broker) www.stifel.com
Nicholas Moore / Nick Adams / Fred
Walsh / Nicholas Harland
FTI Consulting (Financial Media Tel: +44(0) 203 727 1000
and IR) Avacta.LS@fticonsulting.com
Simon Conway / Alex Shaw / George
Kendrick
Zyme Communications (Trade and Regional Tel: +44 (0)7377 543 244
Media) esme.walters@zymecommunications.com
Esmé Walters
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(R) biologics and pre|CISION(TM) tumour targeted
chemotherapies.
The Affimer(R) platform is an alternative to antibodies and is
derived from a small human protein. Affimer(R) technology has been
designed to address many of the negative issues of antibodies,
principally: the time taken to generate new antibodies, the
reliance on an animal's immune response; poor specificity in many
cases; in addition to, the complexity and high cost of manufacture.
Despite these shortcomings, antibodies currently dominate markets,
such as diagnostics and therapeutics, which are worth in excess of
$100bn.
Avacta's pre|CISION(TM) targeted chemotherapy platform is
designed to selectively release active chemotherapy in FAP rich
tumour tissue to limit the systemic exposure that causes damage to
healthy tissues, and thereby aims to improve the overall safety and
therapeutic potential of these powerful anti-cancer treatments.
The Avacta Group comprises two divisions: The therapeutics
development activities are based in London and Cambridge, UK and a
separate diagnostics business unit is based in Wetherby, UK. The
Group is generating near-term revenues from Affimer(R) reagents for
diagnostics, bioprocessing and research.
Avacta's Diagnostics Division is developing an in-house pipeline
of Affimer-based diagnostic assays, including the AffiDX(R)
SARS-CoV-2 Lateral Flow Rapid Antigen Test, and works with partners
world-wide to develop bespoke Affimer(R) reagents for third party
products.
Avacta's Therapeutics Division is working to generate more
tolerable and durable treatments for oncology patients who do not
respond to existing therapies. By combining its two proprietary
platforms the Group is building a wholly owned pipeline of
clinically differentiated cancer therapies. In 2021 Avacta
transitioned to become a clinical stage biopharmaceutical company,
when it commenced a phase I trial in patients with locally advanced
or metastatic selected solid tumours. The study was a
first-in-human, open label, dose-escalation and expansion study of
the Group's lead pre|CISION(TM) prodrug, AVA6000 (a
pro-doxorubicin).
Avacta has established drug development partnerships with pharma
and biotech, including 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(R)
immune-modulators and a recent license agreement with Point
Biopharma for them to develop radiopharmaceuticals based on the
pre|CISION(TM) platform.
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