Business
License Agreement with POINT Biopharma Inc.
License Agreement with POINT Biopharma Inc..
About this update from Avacta Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8449K\n Avacta Group PLC\n 07 January 2021\n \n \n \n \n 7 January 2021\n \n \n Avacta Group plc\n \n \n (\"Avacta\", the \"Company\" or the \"Group\")\n \n \n \n \n \n License Agreement with POINT Biopharma Inc.\n \n \n License to utilise Avacta's pre|CISIONTM FAP sensitive activation platform for radiopharmaceuticals\n \n \n \n \n \n \n \n Avacta Group plc (AIM: AVCT), the developer of innovative cancer therapies and diagnostics based on its proprietary Affimer® and pre|CISIONTM platforms, is pleased to announce that \n it has entered into a license agreement with POINT Biopharma Inc. (\"POINT\"), to provide access to Avacta's pre|CISION™ technology for the development of tumour-activated radiopharmaceuticals. \n \n \n The radiopharmaceutical market is expected to grow to $15 billion by 20251 and there is a substantial opportunity to grow much faster if safety and tolerability of these effective treatments can be improved. POINT Biopharma is a clinical-stage pharmaceutical company focused on developing radioligands2 as precision medicines for the treatment of cancer. \n \n \n Avacta's proprietary pre|CISIONTM chemistry can be used to modify a radioligand drug to form a tumour-activated prodrug. The prodrug form is inactive in circulation until it enters the tumour micro-environment where it is activated by an enzyme called fibroblast activation protein (or FAP) that is present in high abundance in most solid tumours but not in healthy tissue. \n Avacta's pre|CISION\n ™\n technology therefore has the potential to \n improve the tolerability and achieve better clinical outcomes for patients compared with standard radiopharmaceuticals by\n targeting the radioligand treatment more specifically to cancer cells.\n \n \n The agreement provides POINT with an \n exclusive license to the pre|CISION technology for use in the first radiopharmaceutical prodrug the company intends to develop, and a non-exclusive license to the pre|CISION™ platform for the development of a broader pipeline of FAP-activated radiopharmaceuticals. \n \n \n Under the terms of the agreement, Avacta will receive an upfront fee and development milestones for the first radiopharmaceutical prodrug totalling $9.5 million. Avacta will also receive milestone payments for subsequent radiopharmaceutical prodrugs of up ...