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Well I didn't see any translation of it here nor the details, despite asking for it twice.

But you HAD personally seen EXACTLY what the note said? Or were you and everyone else just going on hearsay?

Had you seen the detail of the note before?

I guess he would have been basing his critique solely on the 16 September RNS about the ESMO poster, https://polaris.brighterir.com/public/avacta/news/rns/story/xl42qpr , in which there was no mention of the SOFIE study.

That's the crux. Cuddon needs to define what the 'expectations' were before he can say they weren't met. Nowhere has Avata stated expectations about efficacy in this Phase 1a trial and, as the commenter points out, there are very valid reasons why the results are not a true measure of AVA6000 efficacy.

Thank you for posting the link Craig. Yes it is the same as what PL posted, but this time I was using my Android phone and was able to get past the login boxes that were - and still are - a barrier to translating the page on my Windows laptop.

So here is a translation of the article on the German language version of Investing.com about Cuddon's note, plus the single comment, which is in English:

Avacta disappoints in phase 1 study - Deutsche Bank downgrades shares to "Sell"

Author: Robert Zach, Published on September 17, 2024, 8:23 a.m.

Investing.com - Deutsche Bank (ETR:DBKGn) has lowered its rating for Avacta (LON:AVCT) from "Hold" to "Sell" following phase 1 data on the drug AVA6000 at the ESMO Congress in Barcelona. Analyst Paul Cuddon justified the decision in a study published on Monday by saying that the data presented did not meet expectations.

Of the 57 patients treated with various doses of AVA6000, only three showed a partial response (PR), while six patients showed a minor response. These response rates are not competitive with either established treatment methods or new therapeutic approaches, Cuddon wrote.

Avacta divided the patients into two groups based on the expected expression level of the target antigen (fibroblast activating protein, FAP) from scientific publications. In the group with higher expected expression values, three patients showed a partial response and four a minor response. However, no patient showed a complete response, the analyst said. In the FAP-medium group, none of the patients showed even a partial response.

Cuddon left the price target unchanged at 40 pence; the last closing price was 70 pence.

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Comments

Flabber Gasted 17. Sept. 2024, 08:27

Clearly this gentleman does not understand how clinical trials work. This trial is at a safety and tolerability stage, not efficacy and is based on patients who are heavily pre-treated (which could mean Dox 'immune' cancers) end of life and would not be able to be treated with standard Doxorubicin. To see tumour reductions of over 45% in some patients and durable tumour reduction even after treatment is incredibly exciting at this stage. So, my conclusion here is that this 'analyst' is either incredibly poorly researched, unable to process complex 'ish' data, or working to manipulate a stock price for personal gain. Which is it?

Well said RD, and very clearly put.

Lol. You are a card.

Look... Listen! I've seen the Deutsche Bank downgrade shown on Yahoo Finance already as a bare fact. What I've not seen and am still not seeing is the text of that downgrade. If I've missed how to get to it from what has been posted, please tell me.

Not got to that part of the video yet but my initial reaction is that this is a case of 'lower for longer' and AUC stays the same.

OK, following that link I'm just being asked a lot of questions that I don't want to answer yes to or sign up to. Could someone maybe post the text of the anal person's note please?

At the start of Phase 1a, patients with (according to a scientific paper) cancers with high levels of FAP were chosen. This was to both be able to easily recruit patients (common cancers) and for proof of concept. Whether doxorubicin was efficacious against these common cancers was not a consideration - the aim was proof of safety and tolerance. Remember that this was in the early cohorts when, with no experience of the drug in humans, it wasn't known for sure that AVA6000 wouldn't kill the patients. (In retrospect, I wish they'd started at 90% of the 75 dox dose rather than 90% of the 60 dose - as we'd have skipped the first cohort, but hey-ho.)

This is just one of a number of situations that means true efficacy of AVA6000, whilst proven in this Phase 1a trial, was severely handicapped, the others being late stage (metastsatic) disease, prior treatments, low initial doses, using old data for FAPhigh and FAPmid cancers, and probably others that will come to me after I hit Post.

That reminds me to put in my questions about the strategy going forward and what are going to happen with the AVA6000 toddler and neonascent AVA3996.

I have no reason to doubt that this exists and says what people have been saying it says about efficacy (or lack thereof), but I have not seen the note myself. Please could someone provide a link to it so that my email to Deutsche Bank will be based on facts?.

Don't know who the green boxed FUDster is but what he really meant was

"The interview told me nothing I didn’t know because I know nothing and didn't listen to the interview"

Ignore these types.

Correction. https://www.lse.co.uk/ShareChat.html?ShareTicker=HARL&share=Harland--Wolff

Anyone thinking wyndrum's posts might make sense should check out the BB of his favourite investment:

https://www.lse.co.uk/ShareChat.html?ShareTicker=HARL.GB.PL&share=Harland--Wolff-Group-Holdings-Plc

Give it up 🤡, you'll not get any traction here.

Avacta has been shortlisted as a finalist for the 2024 @Citeline Scrip Awards in the 'Best Oncology R&D Advance' category.

https://x.com/avacta/status/1838233947760644528

https://www.citeline.com/en/awards/scripawards

What a pity Avacta didn't use this as an opportunity to release a REACH to show industry backing and refute DB's slur that AVA6000 doesn't work.

Behave!

"Simon has been involved in over 80 commercial deals across Europe, North America, Australasia, Japan, Russia/CIS and South America, driving the dealmakers to airports."