City briefs: Carclo, Avacta and 600 Group

Wakefield-based manufacturer, Carclo Group which provides of value-adding engineered solutions for the medical, optical, electronics and aerospace industries has signed a new framework agreement with a major global OEM that is expected to deliver incremental annual revenues of between £10m and £15m for the contracts life once full production is reached in FY 22.

The agreement will see the firm’s Carclo Technical Plastics (CTP) division the manufacture complex medical diagnostic disposable devices. The production contracts for a range of products over the next ten years from a number of its facilities.

Rob Stutzman, CEO of CTP, said: “We are delighted to have secured this Framework Agreement and look forward to working with our customer over the next decade. This is a significant step forward in the development of CTP’s strategy and is testament to our strengths in the medical diagnostic market.”

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Avacta Group has submitted a Clinical Trial Application (CTA) in the UK for a Phase 1, first-in-human, open label, dose-escalation and expansion study of its lead pre|CISIONTM prodrug, AVA6000, in patients with locally advanced or metastatic selected solid tumours.

The news comes days after it was announced the Wetherby-based business which develops cancer therapies and diagnostics based on its Affimer® and pre|CISIONTM platforms, had struck a license agreement with Astrea Bioseparations.

The planned phase I study is a first-in-human, open-label, multi-centre study to be carried out in the UK in patients with locally advanced or metastatic solid tumours.

The dose-escalation phase of the study, which will be carried out in 15-20 patients, is designed to evaluate the safety of AVA6000 in humans and establish the appropriate dosing levels for the dose expansion phase of the study.

The dose expansion phase will consist of up to three studies in specific tumour types to further evaluate safety and tolerability and to explore the anti-tumour activity of AVA6000 when administered as a monotherapy. This phase of study will comprise 45-60 patients in total.

If the AVA6000 study shows that the pre|CISION chemistry is effective, then it can be applied to a range of other established chemotherapies to improve their safety and efficacy. This would open up a pipeline of next generation chemotherapies for the Group with significant clinical and commercial value in a chemotherapy market that is expected to grow to $56 billion by 2024.

Alastair Smith, chief executive officer of Avacta Group, said: “I am absolutely delighted that we have achieved this landmark milestone for the pre|CISION platform and for the Group.

“The study will provide key information about the performance of the pre|CISION chemistry in humans that will underpin the value of a substantial pipeline of safer, next-generation chemotherapies.

“We expect to receive feedback from the MHRA (Medicines and Healthcare products Regulatory Agency) on the Clinical Trial Application by February 2021. Dosing of first patients will commence when we have responded to that feedback and received approval to proceed. I look forward to updating the market on the detailed timing in due course.”

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Engineering firm, 600 Group has confirmed that its G Mitchell (Mitch) Krasny as its new CFO.

Krosny is taking over from Neil Carrick who announced he would be leaving 600 Group after deciding for personal reasons he would be unable to relocate to Orlando, Florida where the firm is opening a new office.

Krosny has over 35 years of financial and operational experience having previously served as CFO of technology companies Ucell and Kcell, and CFO Eastern Europe and Russia for Millicom and Metromedia International.

Commenting on the board changes Paul Dupee, chairman of 600 said: “Neil joined the business in 2011 and has made a great contribution since his arrival, particularly in overseeing the buyout of the UK pension scheme and strengthening the Group’s financial position. We wish Neil well for the future.

“We are delighted to have recruited Mitch who brings over 35 years of financial and operational experience in public and private Companies.”

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