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Avacta Group Plc - On track and undervalued

At the AGM of January 18th, Avacta reported good progress for both the Affimer therapeutic and reagents programs.
Avacta Group Plc - On track and undervalued

Their lead immuno-oncology development program is proceeding according to plan and multiple development milestones are expected in the course of 2018 (see next section for further details).

We look at Avacta using a SOTP approach that considers separately the therapeutic programs and the reagents business.
 
Essentially we work out "backwards" what the implied equity value should be today, assuming Affimer products reach certain commercial levels ten years from now

Full report is available via Capital Network website
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Avacta Group PLC Timeline

Related Researches

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January 18 2018
  • Overall Genedrive PLC (LON: GDR) reported a business and financial update for the six months to December 2017 in line with expectations
  • Launch preparation of Genedrive® HCV test with partner Sysmex on track, expect sales to start coming through in CY2018
  • £1.3mln income from the ongoing collaboration with the US DoD, in line with expectations
  • Discussions for the disposal of the Services business are in progress
  • With £4.6mln of cash at end-2017, and given the company's expected cash burn, a capital raise in the next 12 months can't be ruled out
  • Full financial results for the six months to December 2017 to be published on March 20th
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March 21 2018
  • Genedrive's PLC (LON: GDR) HepC test just entered the commercial phase as partner Sysmex launched in EMEA and APAC territories  in recent weeks
  • Re-design of the mTB test in progress, launch date to be announced in the next fiscal year
  • Discussions for the disposal of the Services business entered an exclusivity period, expect an update by the end of June
  • Careful cash management with a £3.9mln cash balance at the end of February, we would expect a capital raise in the second half of calendar year 2018

 

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April 03 2018

- Key inflection point: topline data readout from the PhaseOut DMD phase 2 trial in Duchenne (DMD) expected in 3Q 2018
- Imminent start of a pivotal phase 3 study for ridinilazole in C. difficile infections (CDI)
- Recent Discuva acquisition reinforces novel antibiotics discovery capabilities 
- Current valuation (market cap of c. $165 mln) undemanding given the stage and commercial potential of Summit's lead programs

 

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