Strong product pipeline generates confidence for listed biotech company
Wetherby-based biotech business, Avacta, has reported a period of “transformational progress” as it publishes its preliminary results for the year ending 31 December 2021.
The company is is developing novel cancer immunotherapies and powerful diagnostics based on its two proprietary platforms – Affimer® biologics and pre|CISION™ tumour targeted chemotherapies.
It recorded revenues of £2.9m for the year ended 31 December 2021 (year ended 31 December 2020: £2.1m) and a pre-tax loss of £29.2m for the same period (year ended 31 December 2020: £18.9m pre-tax loss).
Avacta had cash and short-term deposit balances at 31 December 2021 of £26.2m (31 December 2020: £47.9m).
The Board says the most significant near-term value driver for the Group is the clinical data from the Phase I study of its AVA6000 product, expected in the middle of 2022.
It says this pre|CISION™ technology has potential to reduce the side effects of chemotherapy, improve efficacy, and create affordable oncology drugs which have the potential to significantly improve patients’ lives.
Dr Alastair Smith, chief executive officer, said: “It has been a period of transformational progress for the Group, including many firsts for both the Therapeutics and Diagnostics divisions and despite the many operational challenges resulting from the impact of the pandemic.
“Our Therapeutics Division has transitioned to being a clinical stage business through the dosing of the first patient in the Phase I study of AVA6000, increasing the division’s intrinsic value and attractiveness to specialist investors and pharmaceutical partners.
“Our Diagnostic Division is now ISO13485 certified and has established all the necessary product development functions in-house, removing the need to rely on multiple external partners.
“We are now developing a pipeline of IVD products as well as improving the performance of our antigen test for COVID-19 to ensure it can be commercialised as soon as possible.”
