Agreement to Sell Coris Bioconcept SRL

Avacta

28/07/2025 07:48

RNS Number : 7789S

Avacta Group PLC

28 July 2025

 

Avacta Announces Agreement to Sell Coris Bioconcept SRL

 

Completes transition to a pure-play therapeutics business

 

 

LONDON AND PHILADELPHIA - July 28, 2025 - Avacta Therapeutics (AIM: AVCT, 'the Company'), a life sciences company developing innovative, targeted oncology drugs, today announced the sale of Coris Bioconcept SRL ("Coris") to 3B BlackBio Dx Ltd for an upfront cash consideration of £2.15 Million (including net cash & customary working capital adjustments) with an additional earn-out based on future business performance of up to £0.615 Million. Completion of the sale is expected in August 2025, subject to customary closing conditions.

 

This sale follows the divestment of Launch Diagnostics completed in March 2025 and is the important final step in the Company's goal of becoming a pure-play therapeutics business. The sale proceeds will be used to further Avacta's pre|CISION® platform. 

Coris reported unaudited revenue of €5.22 Million for the financial year ended 31 December 2024 ("FY24"), primarily driven by sales from non-COVID products. In FY24 Coris recorded negative EBITDA of €0.215 Million and its net assets at the year-end stood at €4.14 Million.

Following the sale of Coris, the Company's cash runway will extend further into Q1 2026.

 

In the year ending 31 December 2024, the Group reported a noncash impairment charge of £6.8 Million as a result of this disposal.

 

Christina Coughlin, M.D., Ph.D., Chief Executive Officer of Avacta, said: "This disposal marks the pivotal final step in Avacta's transition to a pure-play therapeutics company. We are now fully focused on advancing our promising peptide drug conjugate pipeline powered by our innovative pre|CISION® technology, which is delivering precision oncology treatments that have the potential to make a meaningful impact on patient outcomes."

 

 

-Ends-

 

For further information from Avacta, please contact:

 

Avacta Group plc
Michael Vinegrad, Group Communications
Director
https://avacta.com/
Peel Hunt (Nomad and Joint Broker)
James Steel / Chris Golden
www.peelhunt.com
Panmure Liberum (Joint Broker)
Emma Earl / Will Goode / Mark Rogers
Zeus (Joint Broker)
James Hornigold / George Duxberry
Dominic King
www.panmureliberum.com
www.zeuscapital.co.uk
ICR Healthcare (Europe/UK media and investors)
Mary-Jane Elliott / Jessica Hodgson / Stephanie Cuthbert
avacta@icrhealthcare.com
Investor Contact
Renee Leck
THRUST Strategic Communications
renee@thrustsc.com
Media Contact
Carly Scaduto
Carly Scaduto Consulting
Carly@carlyscadutoconsulting.com

 

 

About Avacta - www.avacta.com

Avacta Therapeutics is a clinical-stage life sciences company expanding the reach of highly potent cancer therapies with the pre|CISION® platform. pre|CISION® is a proprietary payload delivery system based on a tumor-specific protease (fibroblast activation protein or FAP) that is designed to concentrate highly potent payloads in the tumor microenvironment while sparing normal tissues. Our innovative pipeline consists of pre|CISION® peptide drug conjugates (PDC) or Affimer® drug conjugates (AffDC) that leverage the tumor-specific release mechanism, providing unique benefits over traditional antibody drug conjugates.

 

About the pre|CISION® Platform

The pre|CISION® platform comprises an anticancer payload conjugated to a proprietary peptide that is a highly specific substrate for fibroblast activation protein (FAP) which is upregulated in most solid tumors compared with healthy tissues. The pre|CISION® platform harnesses this tumor specific protease to cleave pre|CISION® peptide drug conjugates and pre|CISION® antibody/Affimer® drug conjugates in the tumor microenvironment, thus releasing active payload in the tumor and reducing systemic exposure and toxicity, allowing dosing to be optimized to deliver the best outcomes for patients.

 

 

 

 

 

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