Any idea why...28 Feb 2024 21:12
...there was the need to repeat this paragraph in the RNS? Other than that no one in the company seems to know their ar$e from their elbow and can't be elbowed to read through an RNS before release.
"The majority of the net proceeds raised through the Firm Placing, the Direct Subscription and the Conditional Placing alongside the Company's existing cash resources will be used to initiate and progress the dose expansion and Phase 2 efficacy studies for its lead pre|CISIONTM clinical programme, AVA6000, a tumour targeted form of the chemotherapy drug doxorubicin, as well as for general working capital for the Group until the end of 2025. The dose expansions are expected to begin in H2 2024 in the USA, followed by the Phase 2 efficacy study, subject to funding and FDA approval, which the Board considers to be a major value-driving event for the Group. The dose expansions are expected to be in several orphan indications including soft tissue sarcomas and the selection of these dose expansion indications will be informed by data from the ongoing two-weekly and three-weekly dose escalation studies."
Or whether, amongst all the blurb, it is the case that £20m ('the majority of the net proceeds raised', 'proceeds in excess of £20m to be set aside for pipeline development) Phase 1aA2, Phase 1b (this is new!) and Phase 2 (now no longer described as 'potentially pivotal')?
It looks as though the data weren't sufficient to persuade the FDA that AVA6000 could go straight to a pivotal Phase 2 trial after Phase 1aA2. That opinion seems to be supported by: "The Directors believe that, subject to the successful completion of clinical trials and receipt of the necessary regulatory approvals, AVA6000 has the potential to compete effectively against other approaches that limit the incidence and severity of doxorubicin related toxicities." That is REALLY weak language. Is there anyone in Avacta who knows what they're doing?
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