, on Wednesday announced the expansion of its collaboration with LG Chem Life Sciences, part of the South Korean multinational conglomerate LG Group.
LG Chem has expanded its collaboration by nominating the second and third drug targets, for which has the potential for more milestone payments, Avacta said.
The milestone payments are part of Avacta’s Affimer® therapeutics development partnership and license agreement to develop Affimer® therapeutics in several disease areas.
In addition to development milestone payments, Avacta is entitled to royalties on any future product sales as per its agreement made in December 2018.
Shares in Avacta rose 10.73% to 19.6p during Wednesday morning trading
Alastair Smith, Chief Executive Officer, commented: "I am very pleased with the excellent progress made in the first programme with LG Chem.”
“Not only is this an important validation of the Affimer platform, confirming that it can be used to quickly generate potential candidate drug molecules for development, but it also means that we have taken an important step towards receiving the next substantial milestone payment under our collaboration agreement.”
He added: “Our partnership with LG Chem goes from strength to strength with their decision to nominate the next two drug targets.”
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