Trinity Delta Lighthouse: Avacta
Trinity Delta view: Data presented at ESMO 2024 provide further proof of concept, confirming that AVA6000 works as designed at both Q3W and more frequent Q2W dosing, with selective targeted release of the drug warhead (doxorubicin) in the TME, resulting in lower toxicities than standard doxorubicin and preliminary efficacy in cancers that over-express FAP and are doxorubicin sensitive. These data should guide dose and indication selection for the planned expansion cohorts in H224. Excitingly, PK data insights point to the broader potential and applicability of the pre|CISION platform in treating solid tumours with lower FAP expression (or stroma-only expression of FAP). We look forward to additional disclosures about the therapeutics pipeline and how Avacta intends to deploy the pre|CISION platform in creating novel TME targeting therapies. Ahead of H124 interims on September 30, and a pipeline review/science day in Q424, we reiterate our Avacta valuation of £675m, equivalent to 188p/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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