It looks as though both Avacta’s (AVCT ) in-house & 3rd party licensing strategies are working a treat.
Shortly after kicking off a Phase I multi-centre clinical trial evaluating its patented AVA6000 therapeutic to treat cancer (re proDoxorubicin) with 1st patient dosing at The Royal Marsden in August
Today came news that one of its leading BioPharma partners LG Chem, had successfully completed pre-clinical tests using Avacta's #Affimer PD-L1 inhibitor alongside #AVCT's serum half-life extension technology.
In turn triggering an undisclosed milestone payment, with the research project’s ultimate aim to develop a new best-of-breed PD-L1/XT (ie immunotherapy/cancer) treatment.
In fact assuming things went to plan, then Avacta could eventually earn up to $55m from similar payments, together with future royalties on all associated sales by LG Chem.
CEO Alastair Smith adding: “LG Chem is a world-class drug development partner with excellent biologics manufacturing & 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."