Avacta leaves its heart in San Francisco
Cambridge-based Avacta is forging new contacts and potential partnerships in the United States after selling its heart out at a major event in San Francisco last month.
CEO Alastair Smith told shareholders that half-year revenue, operating losses and cash balances were all in line with market forecasts: “We have continued to grow the number and extent of the data packages demonstrating the power of the Affimer technology in therapeutic and non-therapeutic applications which build the commercial case and de-risk the technology for third parties,” he said.
On his latest US sortie, Smith said: “I presented the Affimer technology and our recent progress at the JP Morgan conference in San Francisco. We met with over 25 biotech and pharmaceutical companies to discuss the benefits of the Affimer technology and potential partnerships. Some of these have already followed up indicating their interest in further discussions.”
AIM-quoted Avacta develops Affimer® biotherapeutics and reagents; it recently reported that its initial study with Glythera, a developer of next generation antibody drug conjugates, was successful.
Following this study the two companies have agreed terms of a licensing deal allowing them to develop drug conjugates using the combined technologies.
• PHOTOGRAPH SHOWS: Alastair Smith