Questions answered28 Sep 2020 11:14
In general, I am satisfied with the update as it provides clarity on 2 key questions which were unclear to me and which I sought feedback from this BB (only to be abused...)
1. Firstly, regarding BAMS, the reason for delay is now clear;
"Access to clinical samples, in order to carry out clinical validation of the assay, has been very slow. In July 2020, Avacta was accepted into the government's CONDOR programme, which was established to source patient samples for validating new tests, but this occurred at a time when there were significantly fewer positive samples available and a large number of new tests being evaluated, which has significantly delayed the clinical work on the BAMS assay. Avacta is working with the UK government's CONDOR programme to accelerate this and is making good progress in its discussions with mass spectrometer manufacturing partners in order for them to provide BAMS test kits to run on their installed base of mass spectrometers in the UK and globally. The clinical evaluation data of the BAMS assay are key to securing these commercial agreements"
As others have said, with the significantly higher cases now vs Jul-Aug, progress should be rapid from this point. Could BAMS be used for mass screening also, via collection of saliva to be tested centrally? I suspect BAMS supports the GOV forecasted target test volumes.
2. Regarding the LFT, it is clear that the need to change certain aspects of the Prototype device production, in order to produce a device that can be mass produced, is the reason for delay;
"Cytiva is now working with BBI Solutions to establish a scalable manufacturing process. This process involves developing methods which are different from those used in the laboratory to develop prototypes, which must work at scale to deliver a mass-produced test strip with the required performance. When this scale-up process is completed and the first pilot batch of lateral flow test devices is produced, a critical technical hurdle will have been overcome"
- The revenues from BAMS alone should be transformational for the company.
- The LFT is not there yet, which not surprisingly, ties in exactly with the info we have from the UK Gov. THis AVCT LFT most likely is the Holly Grail that the GOv refer to.
- Many other opportunities, which are significant, support a higher MC
- The company still EXPECT the YEAR AHEAD to be transformational.
We expect it to be a very exciting and genuinely transformational year ahead for Avacta, as we work with our partners to progress through each of the necessary stages to deliver on all of these opportunities.
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