Angel Biotechnology (LON:ABH) has secured a contract from Baton Rouge-based biotech group TransGenRx to develop and scale up a recombinant interferon product, which is worth more than £800,000.
TransGenRx said it was confident this would be the “first of a number of projects that we would like to progress with Angel”.
The purpose of the contract is to attain acceptable expression levels to establish a good manufacturing practice (GMP) process, which would then be conducted by Angel.
The development work for TransGenRx will take place at Angel’s recently re-commissioned GMP facility at Cramlington and will have a value of over £800,000.
“This contract demonstrates the confidence which TransGenRx has in the ability of Angel to develop and manufacture complex proteins and reinforces the board's decision to invest in this additional capacity,” said acting chief executive of Angel Stewart White.
“We look forward to taking this product through to GMP manufacturing in our Cramlington facility and to a long and fruitful relationship between our respective companies.”
The re-commissioning of Cramlington was completed back in March. The facility now has three GMP cleanrooms, two Quality Control laboratories, a fermentation pilot plant and additional development laboratory space.
The company has recently raised £1 million via a placing of 500 million shares at a price of 0.2 pence per share on top of the £1.15 million raised in December at the same price.
Shares in Angel Biotech rose 2.5 percent in early deals to 0.2025 pence, valuing the group at £7.65 million.