Aptamer secures two contracts with big pharma firm

(Sharecast News) - Life sciences company Aptamer Group has secured two new contracts with one of the world's top five pharmaceutical companies, it announced on Thursday, with an estimated worth of up to £0.22m. The AIM-traded firm said the contracts showcased a continuation of its commitment to its previously-announced sales pipeline.

It said the revenue recognition for the newly-acquired contracts would, however, hinge on the scientific and commercial outcomes as they progressed.

Completion was expected within the current fiscal year.

The company said the first contract revolved around the formulation of an Optimer pair tailored for a neurodegenerative biomarker, intended for deployment on an immunoassay platform.

It said the subsequent contract, building on prior successes, would involve the concluding phase of Optimer development targeting a neuronal protein.

That would be for application in immunohistochemistry (IHC), and would come after achieving encouraging results during the earlier Optimer development phases.

"I am pleased to be able to extend our partnership with this top five pharma partner," said chief executive officer Dr Rob Quinn.

"These two projects are further evidence of the need for Optimer binders to meet challenging requirements for use in real-world applications when, to date, antibodies have been unable to provide a satisfactory solution, such as IHC.

"Building awareness and adoption of Optimer technology by such partners is key to allowing us to deliver on our strategy of executing therapeutic, diagnostic, and bioprocessing licensing deals."

At 1605 BST, shares in Aptamer Group were down 27.57% at 1.34p.

Reporting by Josh White for Sharecast.com.