Trinity Delta view: Although addressing attractive, and commercially relevant, indications, we view faridoxorubicin’s (FAP-Dox, previously AVA6000) primary role as being proof-of-concept demonstration of FAP-targeted biotherapeutics. The versatility and broad potential of Avacta’s pre|CISION platform, with the ability to selectively activate potent drugs in the TME, should lead to a deep pipeline of novel targeted therapeutics. The successful £16m placing removes funding uncertainty and allows management to progress faridoxorubicin and, more importantly in our view, FAP-EXd (AVA6103) through the next stages of clinical development. Following this raise we suspend our forecasts and valuation, as is our practice, but for context our previous valuation was £457m ($571m), or 111p/share.
