Avacta Group plc has provided a business update ahead of its Annual General Meeting, including clinical and operational progress and the appointment of a new Non-Executive Board director. The company confirmed the successful completion of the second cohort in Arm 2 of the Phase 1 trial for AVA6000, a peptide drug conjugate form of doxorubicin chemotherapy, without observing dose-limiting toxicities. Patients are now being dosed in the third cohort, putting Avacta on track to achieve its clinical objectives for the second half of 2024. To support the progress of the trial, Avacta has assembled a Scientific Advisory Board of senior cancer experts and researchers.
In line with the evolution of the Board, Avacta announced the appointment of Darlene Deptula-Hicks as a Non-Executive Director, effective following the AGM. Christina Coughlin, CEO of Avacta, expressed satisfaction with the progress of the AVA6000 trial, stating, "We are pleased to be able to announce today the formation of an expert Scientific Advisory Board to support and guide the progress of this trial." She also mentioned the upcoming Research and Development Spotlight Science Day in London in the fourth quarter of 2024, where more details on the future of the pre|CISION™ platform will be provided.
Shaun Chilton, Chairman of the Board of Avacta, emphasized the company's focus on advancing the pre|CISION™ technology through clinical development and the importance of having the right commercial, financial, and operational experience to support this. He welcomed the addition of Darlene Deptula-Hicks to the Avacta Board, highlighting her commercial acumen and deep capital markets experience as valuable to growing biotechnology companies.
The Phase 1 trial for AVA6000 aims to evaluate the safety and tolerability of Avacta's lead program, leveraging its proprietary pre|CISION™ technology. The successful completion of the second cohort in Arm 2 follows positive data from Arm 1 and is designed to optimize the schedule and dose for efficacy studies. Avacta is on track to achieve its stated objectives for the second half of 2024, including the initiation of the expansion cohorts and providing an update of the clinical data in the AVA6000 trial.
Additionally, Avacta has formed a Scientific Advisory Board to provide expert insight and guidance on the ongoing clinical development of AVA6000 and the pipeline, including the pre|CISION™ platform. The Board will be chaired by William D. Tap MD, Chief of the Sarcoma Oncology Service at the Memorial Sloan Kettering Cancer Center in New York City, and will include several colleagues in both the UK and US, such as Robin Jones, Lee Cranmer, and Robert Metcalf.
In conclusion, Avacta is making significant progress in its clinical and operational endeavors, with the successful completion of trial cohorts and the formation of a Scientific Advisory Board to guide the development of AVA6000 and the pipeline. The company is also strengthening its Board with the appointment of a new Non-Executive Director, reflecting its growing confidence in its team and plan for advancing its innovative cancer treatments and diagnostics.