Member Info for B2HS2L

Everything above the +++++ separator was copied there for info.

Below the separator, and using capitals, - no italics available - I discussed individual sentences.

The capitals are mine for emphasis of the original text, and I should have explained that. - Apologies for confusion.

AGM2025 Business Update 02.07.2025

https://avacta.wistia.com/medias/k6j3aliioe

CC: We have, myself and Sean and the board, have inherited this bond. It does have onerous terms. It was raised, to fund the purchase of the diagnostic businesses. As you know, we have, disclosed that we have, divested, launch diagnostics and we are nearly there with the Coris business transaction.

We have actively looked at numerous options. You can see them there.

All of these options were too onerous for existing shareholders or not possible under the terms of the bond.

We do have £25.5 million of the loan outstanding, and that will take us the next two and a half years.

The strength of the platform, that I've described in the last few slides really does allow us, it's expected to provide optionality here, in terms of the repayments of the Heights convertible bond.

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On the 2nd July CC stated:

1a All of these options were too onerous for existing shareholders or not possible under the terms of the bond.

1b We do have £25.5 million of the loan outstanding, AND THAT WILL TAKE US THE NEXT TWO AND A HALF YEARS.

I'm not sure but to state the words in capitals meant that on that date there was no way off the hook because of the preceding sentence.

2 The strength of the platform, that I've described in the last few slides really does allow us, IT'S EXPECTED TO PROVIDE OPTIONALITY HERE, IN TERMS OF THE REPAYMENTS OF THE HEIGHTS CONVERTIBLE BOND.

I think those capitals were true as at 2nd July.

However, they are looking for these options to become firmer, and this statement would become obsolete when the most suitable option has been chosen.

Wasn't it Hughes who stated £25 Mil was not a lot of money.

If raising is not a problem, then he must be about done, leaving him biding his time until the correct moment arrives.

Possibly with the arrival of other news.

BV

I posted this in Feb this year: Https://clinicaltrials.gov/study/NCT05432193?tab=history&a=7#version-content-panel

I believe this is the Point Bio trial, NCT 05432193, the subject of a deal between Avacta and Point (now Eli Lilly), - RNS 07.01.2021 refers.

FAPi Radioligand OpeN-Label, Phase 1 Study to Evaluate Safety, Tolerability and DosImetry of [Lu-177]-PNT6555; A Dose Escalation Study for TReatment of Patients With Select Solid Tumors (FRONTIER)

Brief Summary: This Phase 1 study will evaluate the safety and tolerability of [Ga-68]-PNT6555 and [Lu-177]-PNT6555 in subjects with select solid tumors that have FAP over-expression, in order to determine a recommended Phase 2 dose.

The status of the trial is currently Active not recruiting (version 7) dated 2024-10-30:

The study is ongoing, and participants are receiving an intervention or being examined, but potential participants are not currently being recruited or enrolled. The last version where the status was 'Recruiting' was version 5 dated 2023-08-24.

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Rechecked status of NCT 05432193 today, - https://clinicaltrials.gov/study/NCT05432193?tab=history&a=8#version-content-panel

Version 8 dated 2025-06-19

Overall Status - Terminated: The study has stopped early and will not start again. Participants are no longer being examined or treated.

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Apologies if posted before, or is peripheral to your search.

Grok overview:

Question: Is FAP an indicator of disease other than cancer in the human body

Yes, Fibroblast Activation Protein (FAP) is an indicator of diseases other than cancer in the human body. FAP is a serine protease expressed by activated fibroblasts, particularly in response to tissue remodeling, inflammation, and fibrosis. While it is well-known for its role in the tumor microenvironment in cancers, its expression is also associated with several non-oncological conditions. Below is a concise overview of FAP’s role as an indicator in non-cancer diseases, based on available information:Fibrotic Diseases:Pulmonary Fibrosis: FAP is upregulated in activated fibroblasts in idiopathic pulmonary fibrosis (IPF) and other fibrotic lung diseases. It contributes to extracellular matrix (ECM) remodeling and fibroblast activation, serving as a biomarker of disease progression and a potential therapeutic target.

Liver Fibrosis/Cirrhosis: In chronic liver diseases (e.g., hepatitis, non-alcoholic steatohepatitis), FAP expression is elevated in hepatic stellate cells, correlating with fibrosis severity. It is explored as a diagnostic marker and target for antifibrotic therapies.

Renal Fibrosis: FAP is expressed in fibrotic kidney tissue, particularly in chronic kidney disease, where it promotes ECM deposition and disease progression.

Inflammatory Conditions:Rheumatoid Arthritis (RA): FAP is overexpressed in synovial fibroblasts in RA, contributing to joint inflammation and cartilage destruction. It is a potential biomarker for disease activity and a target for imaging or therapy.

Inflammatory Bowel Disease (IBD): In conditions like Crohn’s disease and ulcerative colitis, FAP is upregulated in inflamed intestinal tissue, associated with fibroblast-mediated tissue remodeling.

Cardiovascular Diseases:Myocardial Infarction and Heart Failure: FAP is expressed by activated cardiac fibroblasts post-myocardial infarction, contributing to cardiac remodeling and fibrosis. Elevated FAP levels are linked to adverse cardiac outcomes and are studied as a biomarker for heart failure progression.

Atherosclerosis: FAP is found in activated fibroblasts within atherosclerotic plaques, where it may contribute to plaque remodeling and inflammation.

Other Conditions: Osteoarthritis: FAP is implicated in cartilage degradation and synovial fibrosis, serving as a potential marker of disease severity.

Chronic Pancreatitis: FAP expression in pancreatic stellate cells is associated with fibrosis in chronic pancreatitis, reflecting disease activity.

Key Points: Mechanism: FAP’s role in non-cancer diseases is tied to its enzymatic activity (degrading ECM components) and its expression in activated fibroblasts during tissue remodeling, inflammation, or fibrosis.

Therapeutic Relevance: FAP inhibitors and FAP-targeted imaging (e.g., FAP-specific PET tracers) are being explored for non-cancer conditions, similar to their use in oncology.

FWIW - here is the transcript of two slides I think are applicable BV:

AGM Business Update Presentation 02.07.2025

Slides: https://avacta.wistia.com/medias/k6j3aliioe

Slide 4

We have completed our strategic collaboration. This is ongoing.

We've completed the first part, and it has delivered on both the overall market opportunity for precision medicines.

That allows us to understand the breadth of the opportunity, the commercial market opportunity for our precision platform.

What we have seen from that and disclosed is that among the various diseases that we are planning to go into with both, FAPdox as well as FAP-EXd, we are looking at the potential reach of about a million patients globally.

Now, there are multiple other disease settings that we can look at with other FAP enabled precision molecules that would increase that opportunity.

We've looked at the idea of driving smarter clinical trials, and we've added a couple of slides into the deck today, and that is a question that continues to come up among shareholders.

So we'll talk a little bit about that coming up soon.

We are engaging with third parties across a range of commercial opportunities. This is reflecting the breadth of the Precision platform, and progressing these discussions remains a top priority for us.

Slide 9

We've been asked a lot about what else is in the pipeline. What else are we looking at in terms of precision?

We have disclosed that we've precision enabled a number of warheads. We have not disclosed what those are.

Ten pre|CISION warheads have been designed and characterized both in vitro and in vivo informed by the FAP docking model.

Together these data have been used to develop our pre|CISION computational design algorithms.

But we see on the right hand side there that funnel, and we use computational design of these.

So, we design them on the computer, and make some of them in the chemistry labs, to allow us to assess some in vitro, meaning in cells and dishes.

Then in terms of those that we use in animal models, we deepen the funnel even further.

So, use the computational design, use the in vitro models, use basic tumor to plasma, and then finally, the in vivo pharmacology studies.

The question comes up, why haven't we disclosed what is in all of these pipelines? And it's really because of IP.

Apologies BV. I think I am not using an optimal search.

wrt the development of 10 preCISION chemotherapies, I was surprised to find the earliest record I have is :

RNS - 6th May 2020

· An additional pipeline of more than ten pre|CISION chemotherapies has been established with the most advanced of these, a pre|CISION proteasome inhibitor, approximately 12 months from IND filing. (3996)

Haven't found anything yet, - but there is this:

Investor Webinar 12.05.2025 - https://www.turnerpope.com/investor-evenings/webinars/

Q/A session

Q5 Katie Pilbeam - This is the last question on the strategy, and a very interesting one because they're are asking about veterinary oncology. So Avacta's precision platform has earned praise for targeting human cancers with precision and fewer side effects which is commendable. With a technology that could clearly Bridge human and veterinary oncology and with pet owners desperate for real treatments and not just tests. What is holding Avacta back from using veteriny oncology to validate the platform?

A5 CC - Let me answer this in a couple different ways, and I'm gonna actually ask our resident scientist to comment as well. Way back in the day when I was at University of Pennsylvania I did something very similar to this in that I had we had a new technology we were looking at these loaded B cell vaccines and we did do a companion animal trial it was in the most frequent tumor that dogs get which is canine lymphoma, believe it or not. Solid tumors in animals and specifically in dogs so you know let's take the canine variety, are much less frequent than lymphoma.

We know that FAP is not expressed in hematologic malignancy, so really the patient population would be you know that the main tumor that dogs get would not be susceptible, but that brings up a whole level of new science.

Michelle (Morrow) I don't know if you want to comment on this one as well?

Michelle - Yeah it's a really interesting question I suppose in theory you know. Many of the drugs we develop for humans could be applicable for animals and pets as well.

We're not veterinary medicine experts at Avacta, so it's not something we've really explored. We haven't particularly looked at any tumors from dogs see if they're FAP positive at this stage. But it is something that could potentially be done but not an avenue we're actively exploring at this stage. So most of our animal models, and all of our preclinical models are in the Mouse, and that's because there's a lot of really well characterized tools there that we understand, so some translatability for those.

CC - So it's not something we've done right now but I think it's a very interesting question.

Yes it definitely is.

BV - Assume you know of this:

Trinity Delta: Beneath the tip of the iceberg

Update | 26 June 2025

https://www.trinitydelta.org/wp-content/uploads/2025/06/Avacta-Update-250626.pdf

"Through partnerships, there is also potential to couple Avacta’s pre|CISION platform and a partner’s payload to produce new tumour-targeting PDCs and, if these also incorporate its Affimer technology, Affimer-drug conjugates. Beyond the two disclosed pre|CISION programmes, AVA6000 and AVA6103, Avacta has FAP-enabled over ten other confidential pre|CISION molecules which are in preclinical testing and cover multiple therapeutic classes. The most advanced of these is AVA7100, a FAP-targeted Affimer pre|CISION molecule; little has been disclosed other than the expectation that the candidate molecule will be nominated in H225 and that this programme has the potential to target tumour types with lower expression of FAP."

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If third parties are interested in low-FAP targets, Affimer use may be the necessary tool.

Thanks for your info dflynch.

I asked Grok:

"What are the costs of obtaining a NASDAQ listing by reverse takeover of a NASDAQ listed company?"

The response was too long to post here, but suffice to say costs were more than I anticipated.

In particular for RTO -

3.

SEC and NASDAQ Filing FeesSEC Filing Fees: While RTOs avoid the extensive registration requirements of an IPO, a Form S-4 registration statement or other SEC filings (e.g., Form 8-K to report the merger) may be required. Filing fees are based on the value of the securities registered, typically costing $5,000 to $50,000.

NASDAQ Listing Application Fees: NASDAQ charges fees for reviewing the listing application of the combined entity post-RTO. For the NASDAQ Capital Market, the entry fee ranges from $50,000 to $75,000, depending on the total shares outstanding. Additional annual fees apply post-listing, starting at approximately $32,000 for the Capital Market tier.

Nasdaq listing parked:

The poster actually stated "Shaun Chilton said over coffee that preparatory work all done on NASDAQ but parked."

So two pieces of info there.

1 It's currently parked

2 Work all done, - so it's ready to go soonest should a decision to list be taken. - I don't think it would be a quick thing to do, - too many parts / players.

3 Reason for delay unknown. However they've reached the stage of readiness they intended, and are biding their time.

RNS 09.06.2025 - Posting of Annual Report and Revised Notice of AGM

Only registered shareholders who attend in person or by proxy will be able to vote on the day. Details of how to submit a proxy vote are contained in the Notice of the AGM.

The Company will provide a business update following the AGM, which will be recorded and uploaded on the Company's website for shareholders who are not able to attend in person. All presentation materials will be made available on the website at the end of the day and no new material information will be provided.

Nasdaq listing parked. - Interesting we were told the AGM would not reveal any new info.

D-G, and wyn, (since I can't address one without the other).

A 14th June post has been removed that showed a schedule of your absences on this board when poster Bottomzup filled in, he has not posted here since.

He concentrated on keeping morale on the board down, so he did what he was asked.

D-G, and wyn - here's the last three lines of the removed post:

Effort has been expended to ensure plenty of negative sentiment on Avacta BB in D-G / wyn absence.

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Remember the 3 Amigo's hushed response to news of 2 * new NED's, when other investors were excited.

You need a new handle guys. There's a very bad smell now attached to D-Geeman / wyndrum handles.

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This post too will 'evaporate'.

D-Geeman

You wrote wyn's posts - you are wyn.

Remember the sudden appearance / disappearance of Bottmzup last month? - You must be disappointed you don't recall that farce.

You didn't explain why neither of you posted whilst he posted on this BB.

It's probably best you don't do so now.

jmfw's post indicates why filtering a persistent poster (or 2) is problematic longer term

Turning it round, - if you didn't have an agenda, you would have stopped posting YEARS AGO.

No wonder posters think you derive income from posting here.

Not interested if you do or don't, - the irritation is the same.

Its not bashing at all, its trying to make people aware that all this talk of a premium placing is pure speculation whereas there is also a chance of dilution and SP erosion, which I have done my best to articulate using factual precedent as a basis for my opinion.

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New Posters - Anyone without an agenda would have stopped posting this non-stop b.s. MANY YEARS, repeat YEARS ago.

Don't expect any news about a TNBC partial response until Avacta need to talk publicly about it.

and

don't expect any news about any TNBC Minor Responses (MR - 10 to 29% tumor diameter reductions) at all,

no matter how many MR's occur until Avacta need to talk publicly about it.

Perhaps the following employee share ownership scheme can be used to increase Avacta share ownership in the short term.

'X' shows an employee ' share matching scheme' is currently in place, but no details provided.

11 Feburary 2020

Avacta Group plc

("Avacta" or "the Group" or "the Company")

Share Incentive Plan/Issue of Equity

Avacta Group plc (AIM: AVCT), the developer of Affimer® biotherapeutics and reagents, is pleased to announce that as part of its HMRC Approved Share Incentive Plan ("SIP") Award Scheme, ordinary shares of 10p each in the Company ("Ordinary Shares") up to a value of £3,000 per employee will be issued at the prevailing middle market price at the close of business on 07 February 2020 to all eligible employees. These shares awarded will form part of the employee's remuneration package.

Accordingly, an additional 101,701 Ordinary Shares have been issued as part of the SIP Award Scheme to eligible employees.

Application has been made for the Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence on 17 February 2020 ("Admission"). The Ordinary Shares will rank pari passu with the existing Ordinary Shares of the Company.

The point I'm making is that it might be time for a no comment cash payment.

The market knows of RH and DB NED appointments, and their tasks, and the first CLN payment post their appointment is paid in cash.

BV you are right - "If it were not stated where the cash had come from, people would assume it was from Avacta's bank account" - That's the aire of confidence such an RNS would confer.

IMO sp would respond positively in that circumstance, I don't see it tanking.

RH's task would thus be assisted.

Bella, I have Coris down as a Fire Sale I'm afraid, given the time scale any purchaser would be aware of.

One possibility is that come the next CLN an RNS lands stating it's been paid in cash.

How the company had the cash to pay would not be visible.

Why would the company have to reveal the source arrangement.

That would be a powerful signal, indicating status quo changed.

How much might the sp rise if such a situation came to pass.

Might a rising sp assist RH in his efforts post next CLN payment, part of the problem being that sp is currently not buoyant.

JM2c