Avacta doubles revenues in FY23, appoints new CEO
() , a life sciences firm developing innovative 'Smart Chemo' treatments and diagnostics reported in-line FY'23 results today - delivering revenues of £23.25m vs £9.7m LY as recent acquisitions (Coris and Launch Diagnostics) were integrated into the group.
The big news was centered around a management reshuffle, with Head of R&D Dr Christina Coughlin stepping into the CEO role and replacing Alastair Smith after 19 years - the idea being for the business to focus more on its Precision platform, and in particular taking its lead candidate AVA6000 through to commercialisation.
Chairman Dr Eliot Forster commenting: "At this pivotal time, with AVA6000 having achieved clinical Proof of Concept and with a broad platform of assets in oncology, Avacta needs leadership that will drive the company through the next stage of clinical development, lead commercialisation around the platform and shape the exciting future direction of this business.
I am confident that Chris is the right person. Her deep understanding of drug development, extensive scientific and clinical experience and many years in leadership roles in this industry make her the ideal person to drive our strategy and present the company's truly innovative technology to the specialist healthcare investor audience, especially in the US.
I would also like to extend my sincere thanks to Alastair Smith for the huge role he has played. On behalf of the entire Board, we wish him the best for the future."
Christina Coughlin adding: "Having worked with Avacta now for more than two years, I have a keen appreciation for the broad potential for the pre|CISION platform to change the way in which we treat cancer. Avacta is delivering a truly innovative next generation of highly targeted, potent and well-tolerated cancer therapies directly to the tumour microenvironment, supported by our recent proof-of-concept data for AVA6000."
As an oncologist, I saw first-hand the effects of these therapies in patients and I couldn't be more excited to be stepping into the CEO role. We have important work in the near future to deliver on our exciting pipeline including AVA6000, pre|CISION and our drug conjugate pipeline. With this robust pipeline, our team is committed to working to deliver real change for patients and value for shareholders."
Elsewhere, there are plans to divest the diagnostics division in order to maximise shareholder value - thus creating a pure-play oncology biopharma firm that will be more attractive to specialist biotech investors.
Plus, continues to enrol patients in its 2-week dosing safety study, which aims to determine the optimum dosing regimen that will be used for US expansion studies later in H2'24, and followed by a Phase 2 efficacy study, once agreed with regulators.
Finally, with a 2-year cash runway ahead, the group should have sufficient capital to deliver on these strategic aims.
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