REG - Avacta Group PLC - Agreement to Sell Coris Bioconcept SRL

AvactaAnnouncement

28/07/2025 08:00

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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
(https://avacta.com/avacta-announces-completion-of-the-sale-of-launch-diagnostics/)
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                                           https://avacta.com/ (https://avacta.com/)

 Michael Vinegrad, Group Communications

 Director

 Peel Hunt (Nomad and Joint Broker)                          www.peelhunt.com (http://www.peelhunt.com)

 James Steel / Chris Golden

 Panmure Liberum (Joint Broker)                             www.panmureliberum.com (http://www.panmureliberum.com)

 Emma Earl / Will Goode / Mark Rogers

 Zeus (Joint Broker)

 James Hornigold / George Duxberry                          www.zeuscapital.co.uk (http://www.zeuscapital.co.uk)

 Dominic King

 ICR Healthcare (Europe/UK media and investors)              avacta@icrhealthcare.com (mailto:avacta@icrhealthcare.com)

 Mary-Jane Elliott / Jessica Hodgson / Stephanie Cuthbert

 Investor Contact                                           renee@thrustsc.com (mailto:renee@thrustsc.com)

 Renee Leck

 THRUST Strategic Communications

 Media Contact                                              Carly@carlyscadutoconsulting.com

                                                          (https://www.globenewswire.com/Tracker?data=YG-jwixFWaHByFwlhEr4NbVmhGc9YbrV0ozbiHY-33jDG-KDtaZDvqBLS4-5RgIi5zejtwvrLPO1U6xSYlV9BnK-dIegbuZft6wwj-ugstEWYrPDSrd9NwgKYBdm1l9Ty6VSa1gsRJqxeLaMfUN-easXzPVocBafm0xbzTKFahId-T7w4WgPYGYfKdFh6MGXNNniX0b0LrpQwjqHYj_mTmjerN3nRW6pwlbWejQ6wZCns0oke-U-WA7CB-Z2CD1ObedcWrqwKYgQwTY1NxAOLXtmHTL3VJ7HZ4Z3K9ZhB_2_vgbo4aKKTppE6l1bjU2w)
 Carly Scaduto

 Carly Scaduto Consulting

 

 

About Avacta - www.avacta.com
(https://eur01.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.avacta.com%2F&data=05%7C02%7CChris.Coughlin%40avacta.com%7Ce5faa8dfbe3d49fc56f808dd35799958%7C64d2165ff9e04869bc73bfe4fc4fa9ab%7C0%7C0%7C638725518576703790%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=qWTC74zmTzjVQqwaFiKeiHUwMY5RUlsvb7C%2BkLRahGU%3D&reserved=0)

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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