23rd Mar 2015 10:05
LONDON (Alliance News) - Diagnostic tools company Avacta Group PLC on Monday said it has signed a commercial partnership with PhoreMost Ltd, the UK-based drug discovery company, to discover and commercialise new drug targets, Affirmer reagents and therapeutics.
Under the terms of the agreement, Avacta will be entitled to a royalty on PhoreMost revenue generated using Affimers, including near-term services income from R&D partnerships, and on licence income and future sales of all assets that are generated, such as the new drug targets and small molecule therapeutics, as well as novel Affimers, Avacta said.
"This programme is yet another example where Affimers provide not just an alternative to antibodies but also an opportunity to do something revolutionary, for which Affimers may be uniquely suited, in discovering new small molecule drug targets and therapeutics," said Chief Executive Alastair Smith.
Avacta shares were up 1.6% to 0.8536 pence Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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