Redx pharma (REDX.LON) owns RXC005 global IP rights, with key composition-of-matter patents expected to extend up until 2035Full report is available via Capital Network website
Avacta’s FY 2017 Preliminary Results: Reagents and therapeutics programs all on track
KEY INVESTOR MESSAGES
- Avacta’s Affimer® technology is a proprietary alternative to antibodies with key technical and commercial benefits
- Avacta is building a pipeline of Affimer drugs for immuno-oncology and growing revenues based on a licensing model for Affimer reagents
- Excellent progress in both parts of the business during the reporting period substantially de-risking the opportunity
- A pipeline of potential valuable and licensable drugs is being built and the company is targeting first clinical trials in 2019
- A sum-of-the-parts model now suggests an equity value four times the current market capitalisation
On the 4th October, Avacta Group Plc (LON:AVCT) has reported preliminary results for the fiscal year ending July 2017, including a detailed update on the business.
Overall Avacta Group Plc (LON:AVCT) is delivering according to management's guidance and has made significant progress in both the Affimer reagents' business and the Affimer therapeutics programs (please refer to our initiation report of March 2017 for an overview of Avacta's Affimer technology and business strategy).
As regards the Reagents business, Avacta Group Plc (LON:AVCT) announced in April 2017 that, after a trial period, they have granted a leading diagnostic company exclusive rights to specific Affimer reagents. Although financial details weren't disclosed, this was the first time that Avacta signed an agreement of this nature, representing an important inflection point in de-risking the reagents business.
As such we remove any risk adjustment from our valuation of the Affimer reagents business, which we now value approx. £140mil, from about £110mil before this deal was signed.
WideCells Group PLC ( LON:WDC) was originally set-up in 2012 in Portugal, as a provider of stem cell storage services for the Portuguese and Spanish markets. In 2016 the company was listed on the London Stock Exchange, raising £1.7mln - net of fees, largely used to establish a new research and storage facility in Manchester, UK and to support the ongoing international expansion.
KEY INVESTOR MESSAGES
- Commercial launch of Genedrive® Hepatitis C (HCV) test expected to start in the coming quarters (African markets)
- Collaboration with the US Defense Department (bio-hazard program) to generate further income in the current fiscal year
- Re-launch of Genedrive® MTB (tuberculosis) test in India is being reassessed
- Divestment options for the Services business are being pursued
- Cash position of £4.2mln as of 30 September 2017
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