AVA6000 set for third dose escalation stage

Lighthouse | 30 June 2022

Share this note

  • Avacta has announced AVA6000 has successfully completed the second dose cohort (120mg/m2) and, following a positive review of the safety data, will advance into the third dose cohort (160mg/m2). AVA6000 is a pre|CISION prodrug of the well-established cytotoxin doxorubicin, that began a two-part Phase I trial in August 2021.
  • The first part of the study is a typical open-label, multi-centre dose escalation (3+3 design) exploring safety, although some initial efficacy signals may be noted. The study is planned to have four cohorts of three to four patients each, for a total of 15 to 20 patients, to establish the maximum tolerated dose (MTD). This will guide the recommended dose that is taken into the Phase Ib part, which will have up to three cohorts of 15 to 20 patients each. At this dose, evidence of preliminary anti-tumour effects should be seen.
  • pre|CISION allows for the highly selective and precise activation of chemotherapy drugs within a tumour, offering the potential to enhance efficacy and, importantly, reduce systemic toxicities for many commonly used cancer therapies. It employs a substrate which is specifically cleaved by an enzyme (FAPα) that is highly upregulated (10x to 100x more) on the surface of tumour cells. AVA6000 is the lead pre|CISION programme and if it successfully demonstrates proof-of-concept it would lead to a portfolio of similarly acting oncology prodrugs.
  • Once AVA6000 has established proof of concept, we expect increased industry interest in the pre|CISION platform. Avacta has identified other chemotherapies whose clinical utility would similarly benefit from improved efficacy and reduced toxicities. The most advanced is AVA3996, a prodrug of an analogue of Takeda’s Velcade (bortezomib), which is commonly used for multiple myeloma. AVA3996 offers the prospect of reducing the dose limiting toxicities, principally peripheral neuropathy and thrombocytopenia, that constrain Velcade use to multiple myeloma and mantle cell lymphoma.

Trinity Delta view: Continuing progress of AVA6000 is an important value driver for Avacta with this programme representing the largest single element of our rNPV model. A successful proof-of-concept would result in a material uplift in our AVA6000 valuation. Importantly, this would also provide validation to the broader pre|CISION platform, leading to a wider appreciation of its potential utility. Our current Avacta valuation is £557m (equivalent to 219.1p per share), with AVA6000 valued at £51.9m (or 20.4p per share), and the remaining pre|CISION platform comprising £261.2m (or 102.7p per share). News flow over the next 18-24 months should also provide multiple value-inflection points.


30 June 2022

Market Cap£278.2m
Primary exchangeAIM
Company CodeAVCT
Corporate clientYes

Company description

Avacta owns two novel technology platforms: Affimer and pre|CISION. Affimer proteins are antibody mimetics being developed as diagnostic reagents and oncology therapeutics. pre|CISION improves potency and reduces toxicity of cancer drugs by only activating them inside the tumour. Successful clinical trials would be transformative for Avacta.


Lala Gregorek
+44 (0) 20 3637 5043

Franc Gregori
+44 (0) 20 3637 5041


Trinity Delta Research Limited (“TDRL”; firm reference number: 725161), which trades as Trinity Delta, is an appointed representative of Equity Development Limited (“ED”). The contents of this report, which has been prepared by and is the sole responsibility of TDRL, have been reviewed, but not independently verified, by ED which is authorised and regulated by the FCA, and whose reference number is 185325.

ED is acting for TDRL and not for any other person and will not be responsible for providing the protections provided to clients of TDRL nor for advising any other person in connection with the contents of this report and, except to the extent required by applicable law, including the rules of the FCA, owes no duty of care to any other such person. No reliance may be placed on ED for advice or recommendations with respect to the contents of this report and, to the extent it may do so under applicable law, ED makes no representation or warranty to the persons reading this report with regards to the information contained in it.

In the preparation of this report TDRL has used publicly available sources and taken reasonable efforts to ensure that the facts stated herein are clear, fair and not misleading, but make no guarantee or warranty as to the accuracy or completeness of the information or opinions contained herein, nor to provide updates should fresh information become available or opinions change.

Any person who is not a relevant person under section of Section 21(2) of the Financial Services & Markets Act 2000 of the United Kingdom should not act or rely on this document or any of its contents. Research on its client companies produced by TDRL is normally commissioned and paid for by those companies themselves (‘issuer financed research’) and as such is not deemed to be independent, as defined by the FCA, but is ‘objective’ in that the authors are stating their own opinions. The report should be considered a marketing communication for purposes of the FCA rules. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of investment research. TDRL does not hold any positions in any of the companies mentioned in the report, although directors, employees or consultants of TDRL may hold positions in the companies mentioned. TDRL does impose restrictions on personal dealings. TDRL might also provide services to companies mentioned or solicit business from them.

This report is being provided to relevant persons to provide background information about the subject matter of the note. This document does not constitute, nor form part of, and should not be construed as, any offer for sale or purchase of (or solicitation of, or invitation to make any offer to buy or sell) any Securities (which may rise and fall in value). Nor shall it, or any part of it, form the basis of, or be relied on in connection with, any contract or commitment whatsoever. The information that we provide is not intended to be, and should not in any manner whatsoever be, construed as personalised advice. Self-certification by investors can be completed free of charge at www.fisma.org. TDRL, its affiliates, officers, directors and employees, and ED will not be liable for any loss or damage arising from any use of this document, to the maximum extent that the law permits.

Copyright 2022 Trinity Delta Research Limited. All rights reserved.