Trinity Delta Lighthouse: Avacta
Trinity Delta view: Avacta’s successful £10m placing removes funding uncertainty, providing additional working capital and allowing management to retain ownership of its proprietary pre|CISION technology and PDC assets as it advances these towards important catalysts and potentially more lucrative deals. Multiple clinical catalysts are expected which should provide near- and mid-term value inflection points, including progress with faridoxorubicin partnering and, more importantly in our view, first FAP-EXd (AVA6103) clinical data. Following the raise, as usual, we suspend our forecasts and valuation; for context our prior valuation was £468m ($585m) or 106p/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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