Pipeline of innovative medicines signals promising outlook for life sciences firm
Life sciences company, Avacta Group, says its revenue for the six months ended 30 June 2024 reduced to £11.26m compared to the same period in 2023 (H1 2023: £11.89m; FY 2023: £23.25m).
The Wetherby-based business, which develops targeted oncology drugs and diagnostics, also reports a pre-tax loss of £13.4m (H1 2023: £12.8m loss), while a fundraise completed in March 2024 raised £31.1m (gross).
Avacta’s therapeutics division is developing proprietary platforms that aim to address the lack of a durable response to current immunotherapies experienced by most patients. The firm’s second division uses its Affimer platform with the aim of developing market-leading diagnostic products.
Shaun Chilton, chairman, said: “Alongside the Board and wider team, we have carried out a detailed review of all the group’s operations and financials with a focus on prioritising further investments in therapeutics, including the acceleration of the AVA6000 clinical trial enrolment.
“We are very encouraged by the potential of the innovative medicines in the Avacta pipeline which we plan to present at our live R&D Spotlight in October focusing on the Next Generation of the pre|CISION™ platform.
“We have commenced a process to divest the Diagnostics Division and have started to receive indicative offers.
“Our longer-term financing strategy is being formulated and includes a potential dual listing of the company on NASDAQ, which the Board sees as a key strategic option for the company.”
Christina Coughlin, chief executive officer, added: “We are seeing notably positive progress on our drug development candidate AVA6000 with the completion of the Phase 1a trial.
“This novel peptide drug conjugate continues to demonstrate a highly favorable tolerability profile and robust preliminary signs of efficacy, with several durable responses, as it moves through clinical development.
“The AVA6000 data in the clinic has led to a growing confidence in the pre|CISION™platform and its potential for patients.
“This platform will underpin our wider clinical strategy and our ambition of bringing these novel cancer medicines closer to patients and delivering value for shareholders.”
