Drug developer Avacta, which is working on cures for lung, breast, gastric and bowel cancer, said it has taken an important step towards further “substantial” milestone payments from the drug development arm of Korean giant LG.
The Wetherby-based firm has extended its partnership with LG, which has nominated two more prospective treatments that will use Avacta’s technology.
Avacta chief executive Alastair Smith said the first LG drug programme has made “excellent progress” and he was upbeat about the expanded collaboration.
Mr Smith said: “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.
“Our partnership with LG Chem goes from strength to strength with their decision to nominate the next two drug targets. I look forward to keeping the market informed of further progress over the coming months.”