Avacta Group - £33m raise to progress drug pipeline
Avacta has announced an equity raise for up to £26.8m, since increased to £32.5m on strong demand. The funds raised are to progress the drug development pipeline, primarily for Avacta's lead clinical asset AVA6000, where the company anticipates a potential start of the expansion cohorts in several orphan diseases in 2H24 followed by the Phase 2 study, consistent with previous guidance. Avacta has also confirmed its intention to divest its Diagnostics division in a manner which maximises benefit for shareholders and to explore a possible NASDAQ listing. Cash at 1 January stood at £16.6m, which was significantly better than consensus expectations and indicates a sharp reduction in the pace of net cash utilisation in 2H23. Nevertheless, given the funding requirement to get AVA6000 into Phase 2 readiness and its importance to the Avacta investment thesis as the company's lead clinical asset, we believe this is a prudent step.Avacta Group is a biotechnology company that is developing biotherapeutics and reagents based on its proprietary Affimer technology, an engineered alternative to antibodies. Affimer® reagents and therapeutics are a class of non-antibody binding proteins that have been engineered for a range of applications where antibodies and aptamers have limitations. Co. has two operating segments: Life Sciences, which provides custom Affimers for reagents and diagnostics, drug and biomarker discovery in biotech research and development; and Animal Health, which provides tools and contract services to assist diagnosis of conditions in animals to enable treatment for veterinarians.
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