Avacta is approaching a defining period, with the imminent Phase I start of its second asset AVA6103 (FAP-EXd), a sustained release pre|CISION-exatecan conjugate. Initial data by year-end, as well as first breast cancer data for lead asset faridoxorubicin (AVA6000, FAP-Dox) could crystallise partnering interest. The utility, and value, of the pre|CISION platform is becoming clearer as growing preclinical and clinical data confirm its ability to improve the therapeutic index of many highly potent yet systemically toxic oncology drugs. Advances in pre|CISION chemistry, employing capping groups and novel linkers, have the potential to expand applicability of this technology to a wider range of payloads and cancer types. Newly unveiled novel dual payload PDC platform AVA6207 exemplifies Avacta’s skillset and ambition. Pipeline progress into the clinic and successful clinical results over the next 24 months should provide multiple value-inflection points. We value Avacta at £468m, or 106p/share.
