Rises on agreement with AffyXell Therapeutics

Daewoong Pharma

03/02/2020 09:01

** British biotechnology co  AVTG.L  rises 5.5% to 24 pence
after co signs an agreement with AffyXell Therapeutics, a JV
with South Korea's Daewoong Pharmaceutical  069620.KS 
    ** Says co and JV will work together to develop Affimer
proteins to be used by AffyXell to create new cell and gene
therapies
    ** AffyXell's initial focus will be on inflammatory and
autoimmune diseases with potential to address oncology uses for
these cell and gene therapies in the longer term
    ** AVTG's research and development costs associated with
generation of the Affimer proteins will be funded by AffyXell
    ** Avacta will retain rights to commercialise Affimer
proteins outside of the field of cell therapies

 (Reporting by Tanishaa Nadkar in Bengaluru)
 ((Reuters Messaging:
tanishaa.nadkar.thomsonreuters.com@reuters.net))