RE: Updated research note from Delta.6 Jun 2024 08:46
In a nut shell !!! Recent updates on current lead asset AVA6000, a peptide-drug conjugate of doxorubicin, suggest the programme remains on track to move into dose expansion cohorts in H224. Most recently, AACR data confirm that AVA6000 is working as intended, with selective activation at the target tumour site, lower toxicities than standard doxorubicin, and anti-tumour effects in cancers with over-expression of FAP and that are sensitive to doxorubicin monotherapy. In addition, there have been no unexpected safety signals in the first dosing cohort of the optimised two-weekly schedule, important given the more frequent administration. Continued successful clinical progress with AVA6000 also helps to validate the proprietary pre|CISION platform. This could have wide ranging potential in oncology, with the opportunity to develop next-generation targeted cancer treatments. Details on the broader pre|CISION pipeline are expected in H224. Our valuation post FY23 results and the March fundraise is slightly increased to £675m (equivalent to 188p/share