Business
Results for the period ending 31 December 2019
Results for the period ending 31 December 2019.
About this update from Avacta Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 0503M\n Avacta Group PLC\n 06 May 2020\n \n \n \n \n THE INFORMATION COMMUNICATED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n \n \n \n \n 6 May 2020\n \n \n Avacta Group plc\n \n \n \n \n \n (\"Avacta\", the \"Group\" or the \"Company\") \n \n \n Preliminary Results for the 17-month period ending 31 December 2019\n \n \n \n \n \n Strong revenue growth and cash position and multiple major long term growth opportunities established\n \n \n \n \n \n Significant progress post period end with two partnerships established to develop \n \n \n Affimer-based COVID-19 antigen tests\n \n \n \n \n \n Avacta Group plc (AIM: AVCT), \n the developer of Affimer® biotherapeutics and research reagents\n , is pleased to announce its preliminary results for the 17-month period ending 31 December 2019.\n \n \n Operating highlights\n \n \n \n \n \n LG Chem partnership: progressing well and expanding to new targets\n \n \n ·\n Major therapeutics development partnership and licensing agreement with LG Chem Life Sciences (LG Chem). Potentially generating revenues for Avacta of up to $310 million, plus future royalties on product sales, the agreement included \n an upfront payment of $2.5 million\n , \n pre-clinical milestone payments of up to $5.5 million plus payment of Avacta's full research costs \n to generate Affimer molecules for the treatment of a range of diseases. \n \n \n · \n Excellent progress with initial target during 2019 has led to LG Chem expanding the collaboration and nominating the second and third targets for development.\n \n \n \n \n \n Collaboration with ADC Therapeutics: partnership to develop Affimer-drug conjugates\n \n \n ·\n Collaboration agreement with ADC Therapeutics SA (Lausanne, CH) to develop Affimer-drug conjugates combining Affimer technology with ADC Therapeutics' PBD warhead and linker technologies. Under the terms of the agreement, ADC Therapeutics will cover all Avacta's research costs during the collaboration and Avacta will also receive certain fees, development and commercialisation milestones, as well as a royalty...