AffyXell successfully completes funding round
Avacta Group plc (AIM: AVCT), a clinical stage biopharmaceutical company developing innovative cancer therapies and powerful diagnostics based on its proprietary Affimer® and pre|CISION™ platforms, today announces that AffyXell, its joint venture with Daewoong Pharmaceuticals Co., Ltd., a publicly listed South Korean pharmaceutical company, has successfully completed a funding round to advance its lead mesenchymal stem cell (MSC) programme towards the clinic, and to develop its wider pre-clinical pipeline of cell therapies.
AffyXell is a joint venture established in January 2020 by Daewoong Pharmaceuticals and Avacta, developing the next generation of cell and gene therapies based on mesenchymal stem cells which incorporate Affimer® immunotherapies. This new class of stem cell therapy is designed to produce Affimer® proteins, in situ in the body, that reduce inflammatory or autoimmune responses to the stem cell therapy to potentially enhance their therapeutic effects.
The proceeds of the fundraise, which remain undisclosed for reasons of confidentiality, from existing and new financial and strategic investors, will allow the company to progress through significant value inflection points. The funds will be used to support Investigational New Drug (IND) enabling studies which will underpin a regulatory filing to take its lead programme into the clinic. The funding will also allow AffyXell to develop the broader pipeline of cell therapies to address a wide range of immune diseases with high unmet needs, and to reinforce its platform IP portfolio.
Congratulations to the entire team at AffyXell successfully completes funding round. I wish you great success in this endeavour.Shishir Gupta, Founder and CEO, StartupLanes
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