Avacta closes $7.3 million Series A financing
Cambridge, UK-based Avacta Group (AIM: AVCT) today announced that AffyXell Therapeutics, the joint venture with South Korean drugmaker Daewoong Pharmaceutical (KSX: 069620), has closed a Series A venture capital investment of $7.3 million to further develop its pipeline of next generation cell and gene therapies. Avacta’s shares closed up 2.4% at 126.00 pence.
AffyXell was established in January 2020 by Avacta and Daewoong as a joint venture to develop novel mesenchymal stem cell (MSC) therapies. AffyXell is combining Avacta’s Affimer platform with Daewoong’s MSC platform such that the stem cells are genetically modified to produce and secrete therapeutic Affimer proteins in situ in the patient. The Affimer proteins are designed to enhance the therapeutic effects of the MSC creating a novel, next generation cell therapy platform.
Last month, Canadian firm POINT Biopharma signed a deal with the UK firm to gain access to Avacta's pre|CISION technology for the development of tumor-activated radiopharmaceuticals.
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