Trinity Delta Lighthouse: Avacta
Trinity Delta view: Prioritisation of the Therapeutics division continues, with Christina Coughlin’s appointment as CEO (having been on the Board since March 2022 and Head of R&D since February 2024). Once the Diagnostics division has been divested, Avacta will become a fully focused biotech company. This strategy is underpinned by the proprietary pre|CISION platform, and lead peptide drug conjugate AVA6000. Completion of the two-weekly safety study and progression into dose expansion cohorts during H224 will give some idea on the potential indication(s) that may be pursued by Avacta in a subsequent Phase II efficacy study. Current cash, including the £31.1m fundraise, provides a runway into early 2026 to advance the therapeutics pipeline, and should cover a number of value inflection points in AVA6000’s development. Our valuation and forecasts are currently suspended (since the fundraise); our last published valuation was £672m (equivalent to 237p/share).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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