Avacta Group PLC has released its preliminary results for the year ending 31 December 2023, along with the appointment of Christina Coughlin, MD, PhD as the new Chief Executive Officer. The company's Therapeutics Division has shown promising clinical data for AVA6000, its lead pre|CISION™ peptide drug conjugate, demonstrating the ability of the pre|CISIONTM platform to concentrate a therapeutic warhead in the tumor microenvironment. This has resulted in a favorable safety profile and multiple patient responses, providing clinical proof-of-concept for AVA6000 and proof-of-mechanism for the pre|CISIONTM drug delivery platform.

The company's joint venture, AffyXell Therapeutics, has progressed well, triggering a second milestone payment and increasing Avacta's shareholding in AffyXell to 25%. The appointment of Dr. Simon Bennett as Chief Business Officer of the Therapeutics Division reflects the acceleration in the Group's commercial activities. Christina Coughlin, MD, PhD, who has been pivotal in driving the clinical development strategy for AVA6000, has been appointed as the new Chief Executive Officer, effective May 1, 2024, replacing Dr. Alastair Smith.

In the Diagnostics Division, Avacta completed the acquisition of Belgium-based Coris Bioconcept SRL, a developer and manufacturer of rapid tests focused on infectious diseases. This acquisition, along with the earlier acquisition of Launch Diagnostics, has resulted in the division reporting revenue of £21.2 million and an adjusted EBITDA loss of £1.18 million. The company is exploring strategic options for the division to maximize shareholder value.

The company continues to focus on consolidating the Diagnostics Division post the acquisitions and is exploring strategic options for the division to maximize shareholder value. The company's strong clinical momentum and new leadership position Avacta well for its evolution into a therapeutics-focused business.