Abzena PLC PacificGMP Stanford Settlement (6121G)

TIDMABZA

RNS Number : 6121G

Abzena PLC

05 March 2018

Abzena plc

Settlement of claim

Cambridge, UK, 5 March 2018 - Abzena plc (AIM: ABZA, 'Abzena' or the 'Group'), a life sciences group providing services and technologies to enable development and manufacture of biopharmaceutical products, announces that a settlement has been reached with Stanford University ("Stanford") in connection with the claims against PacificGMP that were the basis for the complaint filed by Stanford in the Superior Court of the State of California in the County of San Diego, as announced on 6 August 2017.

As previously announced, since the acquisition of PacificGMP, $1.5 million has been held in escrow to cover the anticipated costs to resolve this matter. These funds are expected to be sufficient to cover the settlement including related costs.

Abzena has already factored any manufacturing work arising from this settlement into its capacity utilisation plans and therefore no material impact to its business is anticipated to the operation of its business.

-Ends-

Enquiries:

 
Abzena plc 
 John Burt, Chief Executive 
 Officer Julian Smith, Chief 
 Financial Officer                       [phone] 
Numis (Abzena's Nominated Adviser 
 and Broker) 
 Clare Terlouw / James Black             [phone] 
 / Paul Gillam                            1000 
N+1 Singer (Abzena's Joint 
 Broker)                                 [phone] 
 Aubrey Powell / Liz Yong                 3000 
Instinctif Partners (Abzena's            [phone] 
 PR advisors)                             2020 
 Melanie Toyne Sewell / Alex              [e-mail] 
 Shaw 
 

Notes to Editors

About Abzena

Abzena (AIM: ABZA) provides proprietary technologies and complementary services to enable the development and manufacture of biopharmaceutical products.

The term 'ABZENA Inside' is used by Abzena to describe products that have been created using its proprietary technologies and are being developed by its partners, and include Composite Human Antibodies(TM) and ThioBridge(TM) Antibody Drug Conjugates (ADCs). Abzena has the potential to earn future licence fees, milestone payments and/or royalties on 'ABZENA Inside' products.

Abzena offers the following services and technologies across its principal sites in Cambridge (UK), San Diego, California (USA) and Bristol, Pennsylvania (USA):

-- Biology research studies, including immunogenicity assessment of candidate biopharmaceutical products and bioassay development;

   --   Protein engineering to create humanized antibodies and deimmunised therapeutic proteins; 
   --   Cell line development for the manufacture of recombinant proteins and antibodies; 

-- Contract process development and GMP manufacture of biopharmaceuticals, including monoclonal antibodies and recombinant proteins for preclinical and clinical studies;

-- Contract synthetic chemistry and bioconjugation research services, focused on antibody-drug conjugates (ADCs);

   --   Proprietary site-specific conjugation technologies and novel payloads for ADC development; 
   --   GMP manufacturer of ADC linkers, payloads & combined linker-payloads; and. 
   --   GMP analytical services for biopharmaceutical manufacturing projects 

For more information, please see www.abzena.com

This information is provided by RNS

The company news service from the London Stock Exchange

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March 05, 2018 02:00 ET (07:00 GMT)