Trinity Delta view: Avacta’s successful £10m placing removes funding uncertainty, providing additional working capital and allowing management to retain ownership of its proprietary pre|CISION technology and PDC assets as it advances these towards important catalysts and potentially more lucrative deals. Multiple clinical catalysts are expected which should provide near- and mid-term value inflection points, including progress with faridoxorubicin partnering and, more importantly in our view, first FAP-EXd (AVA6103) clinical data. Following the raise, as usual, we suspend our forecasts and valuation; for context our prior valuation was £468m ($585m) or 106p/share.
