Avacta Group PLC Result of AGM (6906Q)

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RNS Number : 6906Q

Avacta Group PLC

22 June 2020

22 June 2020

Avacta Group plc

("Avacta", "the Group" or "the Company")

Result of Annual General Meeting

Avacta Group plc (AIM: AVCT), the developer of Affimer(R) biotherapeutics and research reagents, is pleased to announce that all resolutions have been duly passed by shareholders at the Annual General Meeting held today, save for resolution 9, the general authority to allot shares for cash.

The full text of each resolution is set out in the Notice of Annual General Meeting, included in the 2019 Annual Report, which is available under the Investor Documents & Presentations section of the Company's website www.avacta.com .

Given shareholders were unable to attend the Annual General Meeting as a result of the Coronavirus pandemic and Government guidance, the Company would like to advise shareholders that the most recent business updates and presentations can be found under the Investor Documents & Presentations section of the Company's website www.avacta.com .

- Ends -

For further information from Avacta Group plc, please contact:

 
 Avacta Group plc                          Tel: [phone] 
  Alastair Smith, Chief Executive           www.avacta.com 
  Officer 
  Tony Gardiner, Chief Financial Officer 
 finnCap Ltd (Nominated Adviser            Tel: [phone] 
  and Joint Broker)                         www.finncap.com 
  Geoff Nash / Giles Rolls - Corporate 
  Finance 
  Tim Redfern - E CM 
 Zeus Capital Limited (Joint Broker)       Tel: [phone] 
  John Goold / Rupert Woolfenden -          www.zeuscapital.co.uk 
  Corporate Broking 
 
   Yellow Jersey PR (Financial Media         Tel: [phone] 
   and IR)                                   [e-mail] 
   Sarah Hollins 
   Henry Wilkinson 
                                             Tel: [phone] 
   Zyme Communications (Trade and            [e-mail] 
   Regional Media) 
   Katie Odgaard 
 

About Avacta Group plc - https://www.avacta.com

Avacta is developing novel cancer immunotherapies combining its two proprietary platforms - Affimer(R) biotherapeutics and pre|CISION(TM) tumour targeted chemotherapy. With this approach, the Company aims to address the lack of a durable response to current immunotherapies experienced by most patients. The Company's therapeutics development activities are based in Cambridge, UK.

The Company benefits from near-term revenues generated from Affimer reagents for diagnostics, bioprocessing and research, through a separate business unit based in Wetherby, UK.

The Affimer platform is an alternative to antibodies derived from a small human protein. Despite their shortcomings, antibodies currently dominate markets worth in excess of $100bn. Affimer technology has been designed to address many of these negative performance issues, principally: the time taken, and the reliance on an animal's immune response, to generate new antibodies; poor specificity in many cases; large size and cost.

Avacta's pre|CISION targeted chemotherapy platform, releases active chemotherapy only in the tumour, thereby limiting systemic exposure and damage to healthy tissues, and thereby improving the overall safety and therapeutic potential of these powerful anti-cancer treatments.

By combining these two platforms the Company is building a wholly owned pipeline of novel cancer therapies with the aim of creating effective treatments for all cancer patients including those who do not respond to existing immunotherapies. Avacta expects to take its first drug, a pre|CISION targeted form of the standard-of-care Doxorubicin, into the clinic later in 2020 or early 2021.

Avacta has established drug development partnerships with pharma and biotech, including with Moderna Therapeutics Inc., a deal with LG Chem worth up to $310m, a partnership with ADC Therapeutics to develop Affimer drug conjugates and has established a joint venture in South Korea with Daewoong Pharmaceutical focused on cell and gene therapies incorporating Affimer immune-modulators. Avacta actively seeks to license its proprietary platforms in a range of therapeutic areas.

Avacta diagnostics business unit works with partners world-wide to develop Affimers for evaluation by those third parties with the objective of establishing royalty bearing license deals. The Company is also developing a small in-house pipeline of Affimer-based diagnostic assays for licensing.

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June 22, 2020 09:52 ET (13:52 GMT)