Key points:
- Avacta shares up 8%
- AVA3996 selected for preclinical development
- The pre|CISIONTM chemistry is used to alter chemotherapy drugs
- Avacta Group PLC Stock Forecast
Shares of Avacta have risen just over 8% Tuesday after the company announced the next pre|CISIONTM drug candidate, AVA3996, has been selected for preclinical development.
The company's pre|CISIONTM chemistry is used to alter chemotherapy drugs to make them inactive in the circulation until they enter the tumour micro-environment where they are then activated by an enzyme.
As a result, Avacta says the platform offers a way to reduce exposure to and improve the safety of cancer drugs by increasing the tolerability of chemotherapies.
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Avacta explained that it reviewed efficacy studies and selected AVA3996 as a candidate for preclinical development. The aim for the company is a Clinical Trial Authorisation (CTA) and Investigational New Drug (IND) filing in the first half of 2023.
The first-in-human Phase 1 clinical trial is forecast to begin in the second half of 2023.
Dr Alastair Smith, CEO of Avacta Group, commented: “We are excited by the early pre-clinical data for AVA3996, the second of Avacta's pre|CISIONTM pro-drugs following on from AVA6000. The pre|CISIONTM platform has the potential to generate a significant pipeline of safer, better tolerated chemotherapies to treat a wide range of cancers. It represents a major commercial opportunity and the principal value driver for the Group.”
Avacta shares are currently trading around the 79p area.