Research on Avacta Group PLC (AVCT:LON) from Trinity Delta
Trinity Delta view: Avacta is employing its pre|CISION technology to create a portfolio of PDCs (peptide drug conjugates) that improve the therapeutic index of highly potent yet systemically toxic oncology drugs. Recent clinical progress with AVA6103, the first of its next generation PDCs enabling sustained release of an exatecan payload, provides early human validation that the platform successfully replicates the promising results seen in preclinical models. Initial AVA6103 efficacy data in H127 should be a critical milestone for Avacta; confirmed targeted tumour localisation and a reduction in systemic toxicity in multiple solid tumour clinical settings should serve as the crucial validation step required to de-risk the wider pre|CISION platform. Robust human clinical data should also act as the natural catalysts to drive meaningful, well-validated commercial partnerships. AVA6207, the lead next-gen dual payload programme, is close to candidate selection and targeting an IND around end-2027 or early-2028. As usual, following this proposed fundraise we suspend our valuations and forecast. Our last published Avacta valuation was £525m or 111p/share (105p fully diluted).
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