What AffyXell Therapeutics does

AffyXell Therapeutics Co., Ltd. is a preclinical-stage biopharmaceutical joint venture established on January 23, 2020 between Daewoong Pharmaceutical (Korea, 55% technology share) and Avacta Life Sciences (UK, 45% technology share), headquartered in Gimhae, South Korea with an R&D center in Yongin. The company develops next-generation cell and gene therapies through its proprietary AFX Platform, which genetically engineers mesenchymal stem cells (leveraging Daewoong's DW-MSC pluripotent stem cell-derived platform) to express or secrete Affimer proteins (Avacta's antibody-mimetic scaffolds based on human Stefin A protein), creating a synergistic immunomodulatory modality intended to address limitations of conventional MSC and antibody therapies.

The pipeline is led by AFX-001, a CD40L-targeting engineered MSC in preclinical development for acute graft-versus-host disease (aGVHD) and solid organ transplant rejection, with efficacy proof-of-concept data presented at ISCT 2023 in Paris. A second candidate, AFX-002, is in discovery stage as a membrane-anchored Affimer-expressing MSC designed to activate regulatory T cells for autoimmune indications including multiple sclerosis. The company also has government-funded programs in next-generation exosome and engineered exosome technology.

The business model is preclinical asset development with planned monetization through outbound licensing to global pharmaceutical partners, ideally before Phase 1 completion of AFX-001, and through eventual direct commercialization of proprietary cell and gene therapy products. The company has secured approximately 80 billion KRW in Series A financing (January 2021) from a Korean VC consortium, 30 billion KRW as anchor of the Gyeongnam Unicorn Investment Fund (August 2022), 3.6 billion KRW in KFRM grant support (2022), and additional government R&D funding of approximately 36 billion KRW over five years. With a headcount of approximately 19-22 full-time and part-time employees (plus Avacta-dedicated R&D staff) and a 2025 KOSDAQ IPO target, AffyXell is structured as a development-stage platform company rather than a commercial product business.

Name

AffyXell Therapeutics

Legal name

AffyXell Therapeutics Co., Ltd.

Website

https://affyxell.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

1–10 employees

Short description

AffyXell Therapeutics is a preclinical South Korean biotech joint venture between Daewoong Pharmaceutical and Avacta Life Sciences that develops genetically engineered mesenchymal stem cell therapies expressing Affimer proteins for immune-mediated diseases including transplant rejection, GVHD, and autoimmune conditions.

Ownership category

akta.pro rank

Product category

Cell & Gene Therapy

NAICS

Biological Product (except Diagnostic) Manufacturing (325414), Research and Development in Biotechnology (except Nanobiotechnology) (541714)

SIC

Biological Products, (No Disgnostic Substances) (2836)

akta.pro primary industry

Stem Cell Therapies (MSC/iPSC/HSC-derived) (HLAAABAE)

akta.pro secondary industries

Cell Therapy Developers (Allogeneic/Off-the-shelf) (HLAAABAB), Antibody Discovery & Engineering Platforms (display tech, bispecifics, Fc engineering) (HLAAAIAB)

Keywords

• Cell gene therapy
• Mesenchymal stem cells
• Immunomodulation therapeutics
• Affimer protein platform
• Regenerative medicine

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales

Revenue model

1. Licensing and Technology Transfer: Pre-revenue company. Planned revenue streams include licensing out platform technology and pipeline candidates to global pharmaceutical companies before or during clinical development. Target licensing deal for AFX001 before Phase 1 completion.
2. Pipeline Development and Clinical Commercialization: Long-term plan to commercialize proprietary cell and gene therapy products for immune-mediated diseases through clinical development and eventual market launch.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

AffyXell Therapeutics develops next-generation cell and gene therapies that combine Daewoong Pharmaceutical's DW-MSC mesenchymal stem cell platform with Avacta's Affimer protein technology. Its AFX Platform produces genetically engineered MSC-based therapeutics (lead candidate AFX-001 targeting CD40L for transplant rejection and graft-versus-host disease, plus AFX-002 for autoimmune diseases) that deliver precise immunomodulation as off-the-shelf cryopreserved allogeneic products. The company intends to license the AFX platform and pipeline candidates to global pharmaceutical partners during clinical development.

Product overview

AffyXell Therapeutics develops a portfolio of next-generation cell and gene therapeutics based on its proprietary AFX Platform, which fuses Daewoong Pharmaceutical's DW-MSC (mesenchymal stem cell) platform with Avacta's Affimer technology. The company's lead product candidates include AFX-001 (engineered MSC secreting CD40L-targeting Affimers for transplant rejection and GvHD) and AFX-002 (membrane-anchored Affimer-expressing MSC for autoimmune diseases). The company also provides research consulting services and develops cosmeceutical products.

Differentiator

Problem solved

Functional benefit

Products and services

• AFX Platform Next-generation cell and gene therapy platform combining Daewoong Pharmaceutical's DW-MSC (mesenchymal stem cell) platform with Avacta's Affimer technology for enhanced immunomodulation, designed as off-the-shelf cryopreserved allogeneic products for licensing to pharmaceutical partners.
• AFX-001 Genetically engineered MSC therapeutic designed to secrete Affimer molecules targeting CD40L, currently in preclinical stage for solid organ transplant rejection and graft-versus-host disease (GvHD). Demonstrated clinical score improvement and T cell/B cell activation suppression in xenograft GVHD model.
• AFX-002 MSC therapeutic with cell membrane-anchored Affimer designed to activate regulatory T cells (Treg) for treatment of autoimmune diseases such as multiple sclerosis (MS), currently in discovery stage.

Quantifiable outcome

• AFX001 demonstrated clinical score improvement in xenograft GVHD model with T cell and B cell activation suppression
• +1 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Samsung Seoul HospitalcoreStrategic or Co-development Partner · 20 July 2022Joint research MOU for cell and gene therapy development. Includes exchange of technology information, joint national research projects, and plans for investigator-initiated clinical research in gene-engineered MSC therapeutics.
• Genscript ProbiocoreTechnology or Integration · 16 May 2022Strategic investment and CDMO expansion agreement. Genscript Probio providing viral vector process development and GMP manufacturing for AFX platform pipeline. Also participating as strategic investor in next funding round.
• BiocytogenminorStrategic or Co-development Partner · 7 April 2022Three-party MOU with Korean Preclinical Support Center for preclinical animal and disease model development. Biocytogen provides immune disease-related preclinical animal models and gene-modified animal supply.
• Korean Preclinical Support CenterminorStrategic or Co-development Partner · 7 April 2022Three-party MOU with Biocytogen for preclinical infrastructure support and technology assistance for next-generation cell and gene therapy platform development.
• Seoul National University HospitalcoreStrategic or Co-development Partner · 8 March 2022MOU for regenerative medicine infrastructure and advanced biomedicine clinical research cooperation. Includes domestic/international research project acquisition, IP development and preservation, and world-class regenerative medicine infrastructure building.
• Daewoong PharmaceuticalcoreStrategic or Co-development Partner · 23 January 2020Joint venture partner providing DW-MSC platform technology. Daewoong holds approximately 55% technical stake in the JV. Parent company and technology licensor for mesenchymal stem cell platform enabling long-term cultivation and mass production.
• Avacta Life Sciences LtdcoreStrategic or Co-development Partner · 23 January 2020UK-based joint venture partner providing Affimer platform technology. Avacta holds approximately 45% technical stake in the JV. Technology licensor for antibody-mimetic protein scaffold technology combined with MSC platform.

Scale indicators3 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Mesoblast: Mesoblast develops allogeneic mesenchymal stem cell (MSC) therapies including remestemcel-L, which is approved in Japan for acute GVHD — directly overlapping with AffyXell's AFX-001 lead indication. Both target inflammatory/immune-mediated diseases with off-the-shelf MSC products, making it the closest functional comparator.
• Cynata Therapeutics: Cynata is developing iPSC-derived MSC therapies (Cymerus platform) for inflammatory and immune conditions including GVHD. AffyXell's DW-MSC platform similarly derives MSCs from pluripotent stem cells for scalable allogeneic production, making Cynata a strong technical comparator in the engineered MSC space.
• Athersys: Athersys develops MultiStem, an allogeneic bone marrow-derived MSC product for stroke, ARDS, and trauma — indications overlapping with AffyXell's expansion plans. Both companies pursue off-the-shelf MSC therapeutics in immune-mediated and inflammatory diseases.
• Pluristem Therapeutics: Pluristem develops placenta-derived allogeneic MSC-like adherent stromal cell therapies (PLX cells) for inflammatory and ischemic conditions. Both companies target immunomodulation through cell therapy with an off-the-shelf commercial model, providing a closely comparable clinical-stage peer.

Emerging players

• BrainStorm Cell Therapeutics: BrainStorm develops autologous MSC-based cell therapies (NurOwn) for neurodegenerative and autoimmune conditions. While autologous rather than allogeneic, both companies apply MSC-mediated immunomodulation to immune-mediated disease indications, providing a relevant peer for cell-based immune therapy approaches.
• Stemedica Cell Technologies: Stemedica develops allogeneic bone marrow-derived MSC therapies for cardiovascular, neurological, and inflammatory conditions. It serves as a niche comparator in the allogeneic MSC therapy space with a similar scale and business model to AffyXell.

Others

• Daewoong Pharmaceutical: Daewoong is the Korean pharmaceutical parent that contributed the DW-MSC platform to AffyXell and holds ~55% of the JV. While not a peer in the traditional sense, Daewoong is the source of the core MSC technology and is therefore the most materially linked comparable in terms of platform and pipeline context.
• Avacta Life Sciences: Avacta is the UK biotech that contributed the Affimer platform to AffyXell and holds ~45% of the JV. Although the JV itself is the subject company, Avacta's broader therapeutic pipeline (including Affimer-based oncology programs) provides relevant context for the Affimer technology's clinical translation.

Regional players

• Corestem: Corestem is a South Korean company developing autologous bone marrow-derived MSC therapies (Neurostem) for ALS and other neurodegenerative conditions. As a domestic Korean peer pursuing MSC-based therapeutics through clinical and commercial stages, Corestem is a relevant local comparator.
• Medipost: Medipost is a Korean biotech that markets Cartistem (umbilical cord blood-derived MSC therapy for cartilage defects) and Neuronata-R (for ALS). As a regional Korean MSC therapy leader, Medipost provides a domestic commercial-stage benchmark for AffyXell's planned KOSDAQ IPO.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds2 records

Investors8 records

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M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AffyXell Therapeutics