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What a day! Hurstbot bang on again 130s reached. Sujood spot on as always.
Fantastic stuff!!!
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.
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?
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
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...