Shares in Angel Biotech (LON:ABH) climbed 3 percent to trade at 0.35 pence after its client Azellon’s product was approved for a phase I clinical trial in the UK.
The AIM listed biopharmaceutical contract manufacturer carried out successful process development and validation work for Azellon, assisting them with the submission to the UK regulatory agency, the MHRA.
“Contracts such as Azellon and ReNeuron utilize Angel's experience and expertise to expedite their route to clinical,” said chief operating officer of Angel Biotech Gordon Sherriff.
“Successfully assisting our clients into the clinic is Angel's core skill. Each approval for clinical trials received by our clients further boosts Angel's standing in the market as the premier choice for biotechnology companies wishing to take cell therapy projects into the clinic.”
This will be the world’s first clinical trial for the treatment of patients with meniscal tears, an injury to cartilage tissues in the knee joint.
Such injuries are normally treated with the full or partial removal of the meniscus, a procedure that often results in the early onset of osteoarthritis. The phase I trial will treat patients with a cell bandage product seeded with the patient's own, expanded, stem cells.
The trial is also one of the first in the UK to be approved using stem cells.
About a month ago, Angel Biotech secured an extension to its contract with another client, Pathfinder Cell Therapy, following successful initial programmes.
The company develops the Pathfinder Cell Platform and its use as a novel cell therapy in regenerative medicine. Pathfinder cells are a newly discovered cell type capable of stimulating damaged tissues to regenerate.