Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
So she was supposed to say that's why AS has gone?
Not sure I get you guys, there is no issue it was a challenging environment and our BD is currently trying to do deals. It’s been done, read between the lines, Dr Smith fell on his sword for that decision making. We move on with a new CEO in charge. This chapter (shock placing for 19-20% Dilution at 70% plus drop “based on sentiment driven can’t trust Al imo”) should be consigned to the history books, change has been made. Fundamentally nothing has changed since Oct on the science and potential of FDA approval, that’s the main thing.
She clearly ducked the 50p raise issue - and I said so in my feedback. Her first outing as CEO she could have kitchen sinked the whole issue - buy chose to be evasive - not a good start IMO (we've had years of that already)!
CTSFO...this has been in the pipeline for some time...regardless of what they say, Eliot I think had CC Head Hunted, so to speak, perhaps to keep AS off the scent. Eliot didn't just get the job at Levicept yesterday either...he will have know some if not all of the Investors (he's a networker) and they bought him in and together they have working on the next moves for Avacta etc...AS wasn't the first to go remember...
I suspect CC also knows the Levicept Investors too...
Looking at the Levicept product trial...could PreCision be used with their drug...OK it's not cancer related BUT Osteoarthritis is one of the most common orthopedic diseases worldwide.
It's going to be interesting to see who the next Board member is...
I think the placing question had to be asked as otherwise InvestorMeet might be accused of avoiding hard questions by it's users - and rightly so.
The detail about the placing might come out as a result of 'everything is on the table' and the needs of a new CEO to show she is willing to deal with shareholder questions fully and fairly, ala efforts to improve comms.
We'll see.
I wasn't expecting any information about the 'European specialist healthcare fund' (aka AXA Framlington Biotech) as Avacta have no right to disclose what the fund is, nor about Q2W cohort 1 as there was nothing about it in today's RNS, but I wasn't expecting CC to duck questions about the 50p placing. Clearly it was arranged in advance so that all the questions about the placing could be lost in the questions about strategy.
I think once the efficacy results are confirmed with the 2w cohorts, we will see more media acknowledgement, they have a very good idea what’s going to happen and the selection and design of the patient criteria will maximise success. Strategy moving forward will likely prioritise shareholder value and commercialisation. Wonder if we will also start to boost a little. Chris seems to be excited and has genuinely fallen in love with the technology already, she must see how undervalued we are compared to peers in America with similar clinical assets. Fair play to the vocal shareholder groups for demanding change. I didn’t think it was the correct call, however what’s done is done accepted it and we move forward closer to the FDA approval decision.
Bella6532--."Step 2 will be fairly soon and pretty significant IMO..."
Agree, there are procedures that all parties have to follow in these fundamental change situations ( of which a change of CEO is one) and I don't think it will be too long before Dr Coughlin starts doing things her way, particularly regarding updates on FDA accelerated approvals and what's going on with Dr Tap and trials at MSK and other venues in the States.
I wish her well in her work and efforts to bring help to all suffering with this dreadful disease
Note Eliot Forsters comment:
'make her the ideal person to drive our strategy and present the company's truly innovative technology to the specialist healthcare investor audience, especially in the US.'
It kind of tells you who he wants to target...Levicepts has 4 onboard...how many does Avacta want?
See below. FAP is a membrane protease that is highly expressed by CAFs (cancer-associated fibroblasts). Fascinating re how many types of cancer that are mentioned:
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8003545/
Tosh, bridgedog.
N
'Avacta, a life sciences firm developing innovative 'Smart Chemo' treatments and diagnostics reported in-line FY'23 results today - delivering revenues of £23.25m vs £9.7m LY as recent acquisitions (Coris and Launch Diagnostics) were integrated into the group.
The big news was centered around a management reshuffle, with Head of R&D Dr Christina Coughlin stepping into the CEO role and replacing Alastair Smith after 19 years - the idea being for the business to focus more on its Precision platform, and in particular taking its lead candidate AVA6000 through to commercialisation.
Chairman Dr Eliot Forster commenting: "At this pivotal time, with AVA6000 having achieved clinical Proof of Concept and with a broad platform of assets in oncology, Avacta needs leadership that will drive the company through the next stage of clinical development, lead commercialisation around the platform and shape the exciting future direction of this business.
I am confident that Chris is the right person. Her deep understanding of drug development, extensive scientific and clinical experience and many years in leadership roles in this industry make her the ideal person to drive our strategy and present the company's truly innovative technology to the specialist healthcare investor audience, especially in the US.
I would also like to extend my sincere thanks to Alastair Smith for the huge role he has played. On behalf of the entire Board, we wish him the best for the future."
Christina Coughlin adding: "Having worked with Avacta now for more than two years, I have a keen appreciation for the broad potential for the pre|CISION platform to change the way in which we treat cancer. Avacta is delivering a truly innovative next generation of highly targeted, potent and well-tolerated cancer therapies directly to the tumour microenvironment, supported by our recent proof-of-concept data for AVA6000."
As an oncologist, I saw first-hand the effects of these therapies in patients and I couldn't be more excited to be stepping into the CEO role. We have important work in the near future to deliver on our exciting pipeline including AVA6000, pre|CISION and our drug conjugate pipeline. With this robust pipeline, our team is committed to working to deliver real change for patients and value for shareholders."
Elsewhere, there are plans to divest the diagnostics division in order to maximise shareholder value - thus creating a pure-play oncology biopharma firm that will be more attractive to specialist biotech investors.
Plus, AVCT continues to enrol patients in its 2-week dosing safety study, which aims to determine the optimum dosing regimen that will be used for US expansion studies later in H2'24, and followed by a Phase 2 efficacy study, once agreed with regulators.
Finally, with a 2-year cash runway ahead, the group should have sufficient capital to deliver on these strategic aims.'
https://www.voxmarkets.co.uk/articles/avacta-doubles-revenues-i
The fact that there was no message from AS in the announcement speaks volumes.
Not exactly a big push to get todays news out there in the media...holding back for a reason perhaps? There's definitely more to all this and they aren't showing their hand just yet. CC has been with the company long enough as a Board member to have the inside track and tell us more about the Raise and DX...
Agree Bella. Did AS jump or was he pushed? Can’t help thinking he’s been a hindrance to the development of the company. Still thinking it’s his personal plaything, and negotiating with BP from this position. Have BP had a quiet word? I agree big news is now more likely in the short - medium term.
Bella, unsure tbh, however what I am sure about is discussions are ongoing and the fact nothing is off the table suggests we will see some deals in the near future. On different topic I did like the fact our case study patient was having a joke with the Dr’s saying the only thing that’s affecting him is going to the clinic every week and he was looking at getting back to wirk, that’s the feel good story that really should be picked up by MSM. Hits home how even at 3 week doses this will replace Dox once the formality of the trial is done. Safety is king efficacy was never going to be a problem.
Rsm61...just as frustrated as you re the European Healthcare Investor but she won't say anything if they are still negotiating/working on how the company moves forward with this company. Today we had a change of CEO..Step One many on here were wishing for...Step 2 will be fairly soon and pretty significant IMO...
Sheepy. Has gone for a dip
Absolutely agree with this point. Should have been hit head on and put to bed. Lots of expected and better presented great science but nothing hard on the business side to make investors want to buy in at this point.
Months down the road for major updates was mentioned a few times.
Precision clearly works, explain the runway and market sizes now.
Icecool...I wonder if Avacta have already started working on PreCision warheads for one or more new clients. They have given us details of the areas in which Avacta can be used but not the specific drugs. She did mention somethiing about Immunotherapy towards the end...not sure if I heard her correctly or not though. Could she be talking about using PreCision to carry a patients own Immunotherapy directly into a tumour thus potentially overcoming the lack of 'switch off' which can occur when just pumped into the blood stream.
Has sheepy gone.
When your CEO is an expert oncologist,and you hear the excitement and vision she has for the Pre/Cision Pipeline this is a no brainer.
CBO very busy multiple discussions with BP companies.
Oncologists, Patient Advocates and BP all discussing at AACR
Board strengthening coming sooner hopefully,
Count Dracula Gardiner gone soon and new CFO appointed
Expect an offer for DX very soon, I have a hunch it will be from AS.
His downfall was the DX side of the business and he is probably busy finding investors and an offer at the same price of Heights debt will offered soon so he can go back to his beloved affimers.
Last point will AS still be on the board of Affyxell.
Feeling a bit underwhelmed tbh - if CC wants to improve communications with shareholders I would have expected her to address the placing price issue directly (she was on the board that approved it) and give us at least some updates like who the healthcare investor is and how many cohorts have been started in the two-weekly study. The science is great, but we know that already!
Apologies
"SB 'Quite busy', - time to announce a new CEO if there is to be one."
Eliot possibly a powerful factor in the demise of AS.
He might be fed up with the ex-CEO acting as a loose cannon, or making a wrong decision too many.
He's worked with CC, they quite possibly had speaks about Avacta's CEO position.
SD 'Quite busy', - time to announce a new CEO if there is to be one.