Avacta names head of R&D

Avacta Group, a Leeds University spin-out specialising in diagnostic tools, has named Matt Johnson as its lead affirmer of research and development and production operations as it capitalises on its Affirmers intellectual property (IP).

The firm acquired the rights to the IP in February 2012, which is an alternative to antibodies based on a robust protein scaffold. Currently, the antibody market is estimated at over $50bn, and are presently the only major class of affinity reagents despite suffering from technical and commercial deficiencies. Avacta seeks to exploit antibody weakness to capitalise with its affirmer product.

Dr Johnson will assist in Avacta’s endeavour to do so, coming from his position as head of R&D for Abcam, a major provider of research antibodies.

Alastair Smith, chief executive of Avacta Group, said: “I am delighted that Matt is joining Avacta to lead the Affimer development and operations team. It is a very strong validation of the potential of Affimers as an alternative to antibodies. Matt will work closely with the team to accelerate and de-risk the development programme and to deliver Affimer products to the market. He brings a wealth of technical, commercial and strategic experience and we are very much looking forward to working with him.”

Avacta raised £4.7m ($7.5m) in July through the placing of new ordinary shares to expand its operation and commercialise the first affirmer product.