[Nick Hargrave]

Just watched the prelim results presentation – some extra colour vs. the results:

Confirmed cash runway into H2 24 though dependent on the level of clinical trials they undertake. Helped by £2.8m R&D tax refund received in Jan-23.

Not looking to license out their lead drug candidates (plural) i.e. AVA6000 & AVA3996. Committed to developing them in-house to maximise value. Opportunity to monetise the PreCISION platform outside of those assets with companies that have other ‘warheads’.

AVA3996 could open up the possibility of treating solid cancers with proteasome inhibitors for the first time – it would not compete with current multiple myeloma drugs and open up a new market. Proteasome inhibitors are so effective as a broad cell killing instrument that you currently can’t dose at high enough levels to treat solid tumours. This generated a lot of interest at the recent AACR seminar.

Plan to talk about Affimers and diagnostics in more detail at the AGM.