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Avacta Group - Maximising Affimer's potential across therapeutics and diagnostic applications

Over the last year or so, management has delivered significant progress in bringing their Affimer platform into to the commercial stage, across both therapeutics and diagnostic applications.
Avacta Group - Maximising Affimer's potential across therapeutics and diagnostic applications

This (and the recent fundraise) leaves us confident that Avacta is on track to meet key development targets over the next 2-3 years. Their main therapeutic programs (in-house PD-L1/LAG3 bispecific Affimer and Affimer-drug conjugates co-developed with Tufts University) are on track to deliver key data points between 2019-2021.

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Avacta Group PLC Timeline

CN Research
April 09 2019

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April 09 2019

  • Avacta Group PLC (LON:AVCT) reported interim results to January 2019, confirming good progress on key development programmes
  • Lead immune checkpoint inhibitor programmes continue to move towards in-man clinical data in 2020
  • Major development partnership and licence agreement with LG Chem potentially worth more than US$300mln plus royalties, announced in December
  • Post-period end, the additional licensing deal with Moderna provides further validation of Avacta’s Affimer platform
  • Appointment of Jose Saro as the chief medical officer strengthens Avacta’s capabilities for evolving from pre-clinical to clinical
  • The Research and Diagnostic Reagents business reports a record sales pipeline

Avacta (LON:AVACT) reported revenues of £1.0mln, down from £1.5mln the year before, largely due to the absence of research services revenues for FTEs working on the Moderna collaboration now that assets have been transferred into their development pipeline. We expect revenues from the LG Chem deal to offset this during the remainder of 2019.

The company reported a cash outflow from operations of £2.9mln and ended the period with £11.8mln net cash following the £11.6mln fund-raise in August. We believe that Avacta can comfortably fund ongoing development programmes into 2020.

The company will be moving its year-end from July to December, meaning that the current year will be reported on the basis of a

17-month period (see table below).

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