Trinity Delta Lighthouse: Avacta
Trinity Delta view: In our view, the amended CB terms indicate management confidence in their ability to secure funds to advance Avacta’s pre|CISION assets through clinical development. This funding is likely to come from a variety of sources including partnerships, strategic investment, and/or an equity raise, and could be catalysed by key data readouts slated for the next 12 months: Phase I FAP-Dox SGC results in H225 (potentially at ESMO 2025) and TNBC data in H126. Appetite for Avacta equity has been demonstrated through the two recent oversubscribed equity placings; notably the proceeds being used to cash settle CB repayments has also resulted in less dilution than would have been the case with a direct equity settlement. CB amendments announced in tandem with this latest raise allow deferral of the next two quarterly repayments removing some pressure from near-term cash flow requirements. Subject to extending Avacta’s cash runway beyond Q126, there are multiple opportunities to unlock value through generating and developing a pipeline of highly novel tumour targeting drug conjugates. Our last published Avacta valuation is £449m ($561m).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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