Business
Collaboration with Mologic
Collaboration with Mologic.
About this update from Avacta Group Plc
[{"type":"text","content":"\n \nRNS Number : 9394A Avacta Group PLC 13 June 2016 \n\n \nAvacta and Mologic Enter Research and Product Development Collaboration Agreement\n \n· Avacta's Affimer technology will be used to develop rapid lateral flow diagnostics for clinical applications\n· Development and commercialisation partnership in point of care testing\n· Lateral flow diagnostics market is worth $5bn annually and is growing at around 7% per annum\n \n \nWetherby and Cambridge, UK, 13 June 2016: Avacta Group plc (AIM: AVCT) (\"Avacta\" or \"the Group\") the developer of Affimer® biotherapeutics and research reagents, and Mologic, a specialist diagnostic development company, today announced they have formed a collaborative partnership to develop diagnostic tests against multiple targets of clinical interest for point of care (POC) testing, using Avacta's Affimer technology. As stated at the time of Avacta's interim results, establishing commercial relationships in the POC testing market is one of the Company's key strategic objectives.\n \nThe non-exclusive collaboration with Mologic will focus on the development of novel Affimer-based diagnostic assays and the subsequent development of new lateral flow devices (LFDs) as POC diagnostics for human healthcare. Both companies will share in the future revenues from the commercialisation of the marketed diagnostics. \n \nPOC testing is performed at the time and place of patient care (e.g. doctor's surgery), and provides results more rapidly than if samples are sent to a laboratory. POC testing is dominated by lateral flow technology where the test result is displayed through the appearance of coloured bars on a test strip. The lateral flow diagnostics market is worth $5bn annually and is growing at around 7% per annum. \n \nThe development of Affimer-based LFDs will address many of the existing limitations of traditional antibody-based systems. Current lateral flow technology relies predominantly on antibody-based detection which can limit specificity and the detection of certain classes of target molecule. In addition, lengthy development times, combined with poor consistency and reproducibility often create manufacturing challenges. In comparison, the generation of Affimer mole...