REG - Avacta Group PLC - Board Change

AvactaAnnouncement

30/04/2024 07:00

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RNS Number : 5619M  Avacta Group PLC  30 April 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE UK VERSION OF REGULATION (EU) NO 596/2014 WHICH IS PART OF UK LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

Avacta Group plc

 

("Avacta" or the "Group" or the "Company")

 

Christina Coughlin, MD, PhD, appointed Chief Executive Officer of Avacta Group

 

Dr. Coughlin has served as a Director since 2022, assuming the role of Head of
Research and Development in February 2024, driving the development of the
pre|CISION(™) platform

 

 Appointment reflects Avacta's focus on maximizing value from the
pre|CISION(TM) platform for the treatment of cancer

 

 

Avacta Group plc (AIM: AVCT), a life sciences company developing innovative,
targeted cancer treatments and powerful diagnostics, announces that Christina
Coughlin, MD, PhD, has been appointed as the new Chief Executive Officer of
Avacta, effective 1 May 2024. Dr Coughlin has served as a Board member since
March 2022, consultant in clinical development and as Head of Research &
Development since February 2024, driving the development of the pre|CISION(TM)
platform from the bench to the bedside. After 19 years as CEO, Dr. Alastair
Smith will be stepping down today.

 

The Avacta Board of Directors has been preparing for CEO succession, supported
by a third-party recruitment specialist. As part of this process, it has
considered a wide range of candidates as a potential new CEO for the Group,
reviewing both external and internal candidates. Dr. Coughlin emerged from
these activities as the outstanding candidate for CEO. The Board also plans a
broader evolution in order to meet the increased demands of being a clinical
stage oncology company, alongside the need to more clearly communicate with
shareholders and other key stakeholders.

 

Dr. Coughlin trained as an oncologist and immunologist at the University of
Pennsylvania and her career in industry has included roles with increasing
seniority at major biopharmaceutical companies including Wyeth, Pfizer and
Novartis. She has since held several senior leadership roles in biotech
companies including Immunocore (NASDAQ: IMCR), Tmunity and Rubius where she
served as Chief Medical Officer. More recently, Dr Coughlin served as the
Chief Executive Officer of Cytolmmune Therapeutics. At Avacta, Dr Coughlin has
been pivotal in driving the clinical development strategy for AVA6000, the
lead pre|CISION™ peptide-drug conjugate, and the broader drug pipeline
strategy at the Company.

 

Dr Eliot Forster, Chairman of Avacta, commented:

 

"At this pivotal time, with AVA6000 having achieved clinical Proof of Concept
and with a broad platform of assets in oncology, Avacta needs leadership that
will drive the Company through the next stage of clinical development, lead
commercialisation around the platform and shape the exciting future direction
of this business.

 

"I am confident that Chris is the right person to lead Avacta's next chapter.
Her deep understanding of drug development and the urgent unmet needs in
oncology, her extensive scientific and clinical experience and her many years
in leadership roles in this industry make her the ideal person to drive our
strategy and present the Company's truly innovative technology to the
specialist healthcare investor audience, especially in the US. We are
confident she has the broader skillset, experience and insight to position the
Company correctly to achieve value for patients and shareholders alike.

 

"I would also like to extend my sincere thanks to Alastair for the huge role
he has played in the foundation and development of this Company. On behalf of
the entire Board, we wish him the best for the future."

 

Christina Coughlin, Chief Executive designate of Avacta Group, added:

 

"Having worked with Avacta now for more than two years, I have a keen
appreciation for the broad potential for the pre|CISION(™) platform to
change the way in which we treat cancer. Avacta is delivering a truly
innovative next generation of highly targeted, potent and well-tolerated
cancer therapies directly to the tumour microenvironment, supported by our
recent proof-of-concept data for AVA6000.

 

"As an oncologist, I saw first-hand the effects of these therapies in patients
and I couldn't be more excited to be stepping into the role of Chief Executive
to drive this innovative platform forward and to shape the future of this
Company. We have important work in the near future to deliver on our exciting
pipeline including AVA6000, pre|CISION(™) and our drug conjugate pipeline.
With this robust pipeline, our team is committed to working to deliver real
change for patients and value for shareholders."

 

 

 

 

 

For further information from Avacta Group plc, please contact:

 

 Avacta Group plc                                                           Tel: +44 (0) 1904 21 7070

 Christina Coughlin, CEO designate                                          www.avacta.com (http://www.avacta.com/)

 Tony Gardiner, Chief Financial Officer

 Michael Vinegrad, Group Communications Director

 Stifel (Nomad and Joint Broker)                                            Tel: +44 (0) 207 710 7600

 Nicholas Moore / Nick Adams / Samira Essebiyea / Nick Harland / Ben Good   www.stifel.com (http://www.stifel.com/)

 Peel Hunt (Joint Broker)

 James Steel / Chris Golden / Patrick Birkholm                              www.peelhunt.com (http://www.peelhunt.com)

 ICR Consilium

 Mary-Jane Elliott / Jessica Hodgson / Sukaina Virji                        avacta@consilium-comms.com (mailto:avacta@consilium-comms.com)

 

 

 

About Avacta Group plc - www.avacta.com (http://www.avacta.com/)

 

Avacta Group is a UK-based life sciences company focused on improving
healthcare outcomes through targeted cancer treatments and diagnostics.

 

Avacta Therapeutics: a clinical stage oncology biotech division harnessing
proprietary therapeutic platforms to develop novel, highly targeted cancer
drugs.

 

Avacta Diagnostics focuses on supporting healthcare professionals and
broadening access to diagnostics.

 

Avacta has two proprietary platforms, pre|CISION™ and Affimer(®).

 

The pre|CISION™ platform is a highly specific substrate for fibroblast
activation protein (FAP) which is upregulated in most solid tumours compared
with healthy tissues. The pre|CISION™ platform harnesses this tumour
specific protease to activate pre|CISION™ peptide drug conjugates and
pre|CISION™ antibody/Affimer® drug conjugates in the tumour
microenvironment, reducing systemic exposure and toxicity, allowing dosing to
be optimised to deliver the best outcomes for patients.

 

The lead pre|CISION™ programme AVA6000, a peptide drug conjugate form of
doxorubicin, is in Phase 1 studies. It has shown a improvement in safety and
tolerability in clinical trials to date compared with standard doxorubicin and
preliminary signs of clinical activity in multiple patients.

 

 

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to www.avacta.com/Investors/Investor-news-email-alerts/
(https://avacta.com/Investors/Investor-news-email-alerts/)

 

 

 

 

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