Avacta Group PLC on Thursday said that its joint venture AffyXell with Daewoong Pharmaceuticals Co Ltd has successfully completed a funding round.

Avacta is a London-based biopharmaceutical firm. Back in January 2020, it established a joint venture AffyXell with Seoul, South Korea-based drug maker Daewoong. AffyXell focuses on developing cell and gene therapies.

Avacta said that the funding round is to help advance its lead mesenchymal stem cell programme and to develop its wider pre-clinical pipeline of cell therapies.

The proceeds of the fundraise remain undisclosed, the company added.

Avacta Chief Executive Officer Alastair Smith said ‘We are delighted with the continued strong progress made by AffyXell. This joint venture with Daewoong Pharmaceutical is a key strategic collaboration allowing us to demonstrate the potential of the Affimer platform to enhance cell therapies generally, as well as providing an opportunity to address high unmet need in AffyXell’s focus area of immune diseases.’

Shares in Avacta were down 4.3% to 109.21 pence each in London on Thursday around midday.

Copyright 2022 Alliance News Limited. All Rights Reserved.