Trinity Delta Lighthouse: Avacta
Trinity Delta view: The development of a competitive COVID-19 LFT has demonstrated the value of Affimer proteins for diagnostic applications. The rapid creation of an accurate and sensitive test has established Avacta’s skills and abilities within the industry. Attention now shifts to commercial execution, with the challenging market environment limiting the near-term revenue visibility. The Therapeutics operations should prove to be the longer-term value driver, as the Affimer and pre|CISION platforms have the potential to generate an extensive pipeline of prospective products. Although Phase II proof-of-concept data will be required, results from Phase I studies could provide useful signposting. We currently value Avacta at £710m, or 280p per share, with the Diagnostic opportunities representing £133m and the Therapeutic pipeline rNPV £559m.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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