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Avacta - Transformational new project

Avacta (LON:AVCT) is preparing for a crucial year in its cancer therapeutics programmes in 2020e, with an opportunity now identified for a targeted chemotherapy programme to enter clinical trials during the first half (H1) of 2020. The company has released its interim results to July 2019 (released 18 October), and proposed an equity placing to raise up to £9mln to fund the next stages of its development.

The company reported 12-month revenue of £4.1mln (this will be a 17 month financial year to Dec 2019, as the company is switching to a December financial year-end), which was ahead of expectations due to the booking of a project milestone. Major developments during the year included:

  • Major collaborations initiated or advanced to next stages - LG Chem Life Sciences, Moderna Therapeutics Inc, ADC Therapeutics SA (post-period end).
  • A research collaboration and licensing agreement was established to access technology for tumour-targeting drugs developed at Tufts University Medical School, and subsequent acceleration of this programme with planned regulatory submission in the first quarter (Q1) of 2020.

Alongside the interim results, Avacta announced a proposed equity placing of up to £9mln. The biggest deployment of the new funds will be the AVA6000 pro-doxorubicin tumour-targeted chemotherapy programme developed via the Tufts collaboration. We believe that the biggest news within the release is the decision to prioritise this programme.

Quick facts: Avacta Group PLC

Price: 24.2 GBX

AIM:AVCT
Market: AIM
Market Cap: £42.6 m
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