The share price of Avacta is closing in on all-time highs after its resurgence continues following a string of positive news and a favourable macro environment.
Having slumped to around the £1 mark in December, shares in Avacta are now trading at £1.90 and showing positive momentum to exceed previous all-time highs of over £2.
Its recent announcements highlight the big bets business has in diagnostics as well as well as anti-cancer treatments.
Today it confirmed that approval had been received from the MHRA for its clinical trial authorisation in the UK for an initial study of its lead pre|CISION pro-drug, AVA6000 pro-doxorubicin.
Hailing the positive step forward was CEO Alastair Smith who looked forward to what potential successful trials would mean:
“If the AVA6000 study shows that the pre|CISION chemistry is effective in reducing systemic toxicity of doxorubicin in humans, then it can be applied to a range of other established chemotherapies to improve their safety and efficacy. This would open up a pipeline of next generation chemotherapies for the Group with significant clinical and commercial value in a chemotherapy market that is expected to grow to $56 billion by 2024.”
Two days ago, it also confirmed that its SARS-CoV-2 rapid antigen test showed ‘excellence performance’ in terms of identifying those with an infectiious COVID-19 viral load and shown no false positive results. It is moving into a full clinical validation with the aim of bringing the test to Europe at the end of the first quarter of this year for professional use.
Want to know more about Avacta? Check out our interview with CEO Alastair Smith ( Going for growth: Avacta primed to rapidly get the world moving once again )