Avacta Group Plc · LSE:AVCT
Avacta — H1 2016 Earnings Presentation
32 slides from Avacta's earnings presentation, Apr 25, 2016
Slide 1: Interim Results for the Period Ended 31 January 2016
Interim Results for the Period Ended 31 January 2016 Presentation to Analysts 25 April 2016
Slide 2: Disclaimer: Important Notice
Disclaimer: Important Notice No representation or warranty, expressed or implied, is made or given by or on behalf of Avacta Group plc (the “Company” and, together with its subsidiaries and subsidiary undertakings, the “Group”) or any of its directors or any other person as to the accuracy, complete
Slide 3: Avacta Group plc (AIM: AVCT)
Avacta Group plc (AIM: AVCT) Affimer® biotherapeutics, research tools and diagnostic reagents A pre-clinical stage biotech developing medicines based on its proprietary Affimer therapeutic protein platform with early revenues being generated from research and diagnostics Affimer reagents. Antibody Therape
Slide 4: Highlights
Highlights Strong progress in 2015 continues into 2016 • Excellent progress in Affimer biotherapeutics programmes – Several lead anti-PD-L1 Affimer inhibitors identified and entering pre-clinical studies. – Key collaboration initiated to evaluate Affimer drug candidates that modulate blood clotting. – Coll
Slide 5: Technology Overview
Technology Overview Affimer® technology is a proprietary antibody mimetic with key technical and commercial benefits Quick to develop No immunisation step Easily formatted Highly specific Small and stable Wide range of targets possible Easy to produce Proprietary to Avacta 5! © Avacta Group plc
Slide 6: Senior Leadership Team
Senior Leadership Team Dr Alastair Smith, CEO Dr Matt Johnson, CTO • A leading UK biophysicist until founded • Genetics & Microbiology Molecular Avacta in 2006. Biology • World class scientific and technical • 8 years at Abcam becoming global knowledge with a highly commercial Head of R&D. mindset. •
Slide 7: Financial Results for the Period Ended 31 January 2016
Financial Results for the Period Ended 31 January 2016
Slide 8: Summary Income Statement
Summary Income Statement Unaudited Unaudited Audited 6 months 6 months Year ended 31 Jan 2016 (£m) 31 Jan 2015 (£m) 31 July 2015 (£m) Revenue 1.05 0.73 1.81 Gross profit 0.61 0.47 1.29 Gross margin 58% 64% 70% Underlying LBIT (1.98) (1.47) (2.85) Impairment of R&D (Note 1) - - (2.41) Other adjusting
Slide 9: Summary Cash Flow and Balance Sheet
Summary Cash Flow and Balance Sheet Unaudited Unaudited Audited 6 months 6 months Year ended 31 Jan 2016 (£m) 31 Jan 2015 (£m) 31 July 2015 (£m) Operating activities (1.84) (1.65) (2.52) Investment (1.55) (1.98) (3.86) Optim disposal proceeds - - 2.21 Financing 21.04 0.01 0.02 Net cash flow 17.65 (3.
Slide 10: Affimer Therapeutics Programme Progress Update
Affimer Therapeutics Programme Progress Update
Slide 11: Affimer Therapeutics
Affimer Therapeutics A next generation biotherapeutic platform technology Quick to develop Highly specific Easily formatted Easy to produce Wide range of targets Small and stable possible 11! © Avacta Group plc
Slide 12: Therapeutic Development Strategy
Therapeutic Development Strategy Generate a pipeline of assets whilst accelerating the Affimer technology into the clinic through partnerships and in-house programmes High Level Objectives (3 years) 1. Generate a pipeline of assets primarily in immuno-oncology. 2. Continue to develop the technology pl
Slide 13: Technology Differentiation
Technology Differentiation The ease with which multimeric structures can be assembled and produced is a key strength of the Affimer technology • Multimeric structures for combination therapies or targeting/T-cell recruitment are essential for high value immuno-oncology assets. • Such structures are oft
Slide 14: Immuno-oncology Strategy
Immuno-oncology Strategy Focus in-house resources on best-in-class multi-specific inhibitor/ agonists and address other immuno-oncology modalities through partnerships 1. Generate a pipeline of Affimer immune checkpoint inhibitors and co- stimulatory receptor agonists that can be combined in multi-spec
Slide 15: Immuno-oncology Programme Update
Immuno-oncology Programme Update Affimer proteins have the right attributes to become the best-in-class immuno-oncology platform • Numerous high affinity PD-L1 inhibitors generated for human and mouse. • Inhibitory performance compares favourably with a leading monoclonal antibody. • Complex multimeric
Slide 16: Established Partnerships
Established Partnerships Updates on established partnerships will be provided in due course when substantial milestones are achieved In May 2015 Avacta signed a research Deal Structure collaboration and exclusive license • Upfront of $0.5m to secure exclusivity for a agreement with Moderna Therapeut
Slide 17: Post-Period Update
Post-Period Update World class science advisory group and facilities in Cambridge • Scientific Advisory Board – world-class immunologists • Mike Owen, Chair, ex-Head of Biopharm R&D GSK. • Professor Paul Moss, University of Birmingham and Birmingham NHS Trust. • Professor Terry Rabbitts, University o
Slide 18: Indicative Development Milestones 2016-18
Indicative Development Milestones 2016-18 Programme H2 CY16 H1 CY17 H2 CY17 CY18 Immuno-oncology Animal efficacy of PD- Range of immune Initiate tech transfer Initiate tox study L1 candidates check point inhibitors to CMO and agonists Target IND filing generated late 2018 In-vitro functional Pre-clinic
Slide 19: Affimer Research and Diagnostics Reagents Progress Update
Affimer Research and Diagnostics Reagents Progress Update
Slide 20: Affimer Research and Diagnostic Reagents
Affimer Research and Diagnostic Reagents Powerful competitive advantages as a research and diagnostic affinity reagent Quick to develop Broad range of targets possible Easily tailored for application Highly specific Consistent batch-to- Small and stable batch No immunisation step 20! © Avacta Group plc
Slide 21: Rx/Dx Commercial Strategy
Rx/Dx Commercial Strategy Commercial strategy – focus on applications where Affimers have key advantages and complement rather than compete head-to-head with established antibody products • Good commercial traction achieved in first twelve months; engaged with many high quality customers and potential
Slide 22: Near Term Rx/Dx Strategic Priorities
Near Term Rx/Dx Strategic Priorities Affinity Separation Immuno-assays Lateral Flow Diagnostics • $500m growing @ 10% • $500m for research ELISA; • $5bn growing at 7% CAGR CAGR over $3bn for diagnostics • Alere (Abbott), BBI, Roche, • GE Healthcare, Pall Corp, • R&D Systems, Biorad, Siemens … Thermo F
Slide 23: Rx/Dx Progress Update
Rx/Dx Progress Update Continued progress in securing custom Affimer orders and evaluation projects which could lead to commercial deals • Paid for custom Affimer evaluations • Thirteen large pharma and biotechs. • Four out of the top ten largest pharma companies. • Several large diagnostic companies inc
Slide 24: Rx/Dx Progress Update
Rx/Dx Progress Update Strong leadership team and growing third party validation of the Affimer technology • Leadership team – Chief Commercial Officer, Philippe Cotrel, joined Avacta from Abcam at the end of January to refine the commercial strategy and lead all customer facing activities across Tx, Rx a
Slide 25: Indicative Rx and Dx Milestones 2016-17
Indicative Rx and Dx Milestones 2016-17 Multiple value catalysts: product development and commercial milestones in the three strategic priority areas 2016 2017 Tailored screening £ £ Detailed data packs for methods for key business development target classes Demonstration of key benefits in applicati
Slide 26: Avacta Animal Health Update
© Avacta Avacta Animal Health Update
Slide 27: Avacta Animal Health
Avacta Animal Health Allergy offering expanded and development pipeline starts to deliver new diagnostics to the veterinary market • £0.7m revenue in the period (FY15 0.7m). • Core allergy product maintained market share in highly competitive conditions. • New equine allergy product launched, initial
Slide 28: Summary
Summary
Slide 29: Summary
Summary A pre-clinical stage biotech developing medicines based on its proprietary Affimer® therapeutic protein platform with early revenues being generated from research and diagnostics Affimer reagents • Solid technical and commercial platform for future growth. • Complementing antibodies not competin
Slide 30: Affimer
Slide 31: Avacta Overview
Avacta Overview A pre-clinical stage biotech developing medicines based on its proprietary Affimer® therapeutic protein platform with early revenues being generated from research and diagnostics Affimer reagents • Avacta Life Sciences established in 2012 to develop and commercialise Affimer IP. • 44 staff
Slide 32: Avacta Group plc
Avacta Group plc AVCT share price 109p Market Capitalisation £75m A strong Board with extensive experience of Main Institutional Shareholders commercialisation of life sciences and IP Group 25.2% therapeutic technology platforms Henderson Global 12.2% Aviva 10.5% Dr Trevor Nicholls Non-executive Cha