Axovant Gene Therapies News: AXGT Stock Soars on Manufacturing Deal

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Axovant Gene Therapies (NASDAQ:AXGT) saw its stock skyrocket on Friday as the company inked a deal with Yposkesi related to the manufacturing of the biopharmaceutical business’ experimental treatments.

Axovant Gene Therapies NewsAxovant is partnering up with the French contract development and manufacturing business in order to reserve manufacturing capacity for the company’s experimental treatments, granting Axovant preferred access and reserved capacity for viral vector production. The move also gives the company expertise in process development, technology transfer and quality control, per a statement from the biopharma business.

“This partnership is expected to provide Axovant with sufficient manufacturing capacity to deliver our gene therapies to patients at scale, a key component for the continued development of our gene therapy pipeline,” Axovant CEO Pavan Cheruvu said in the company’s statement.

Axovant has no manufacturing capacity of its own, which means the business depends on partnerships as it works to bring its first therapies to market. The company currently has agreements with Oxford BioMedica, as well as Nationwide Children’s Hospital to supply material.

Yposkesi is focused on gene therapy work, and the company has plans in place to double its manufacturing capacity for AAV and lentiviral vectors to 100,000 square feet, per the companies’ statement. The brand also plans on creating additional large-scale bioreactors.

CEO Alain Lamprove said Yposkesi will seek to help Axovant accelerate the development of its treatments, which includes therapies in clinical testing for Parkinson’s disease, GM1 gangliosidosis and GM2 gangliosidosis.

AXGT stock is up a whopping 30.9% on Friday following the news.


Article printed from InvestorPlace Media, https://investorplace.com/2019/06/axovant-gene-therapies-news-axgt-stock/.

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