The Avacta AGM took place on Thursday and there was no material new news. The market, as usual, focused on the short term of a small delay (3 months) on AVA6000 data, which is not uncommon in oncology trials where volunteers are terminally ill. More importantly, there remains the lack of ‘bad’ news and the next dose escalation is likely in the coming weeks. The key is obviously whether the prodrug is ‘working’ i.e. releasing the doxorubicin in tumours. While I was unable to attend the AGM (though the presentation is available on their website), feedback suggests that while the company remain tight lipped on the subject of it working, there was apparent confidence in the room – we note this is nothing more than a body language read from bullish investors rather than substantive due diligence!