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|CISIONTM
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|CISIONTM 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
Christina
Coughlin, CEO designate
Tony Gardiner, Chief Financial
Officer
Michael Vinegrad, Group
Communications Director
|
Tel: +44
(0) 1904 21 7070
www.avacta.com
|
Stifel (Nomad and Joint Broker)
Nicholas Moore / Nick Adams / Samira
Essebiyea / Nick Harland / Ben Good
|
Tel: +44
(0) 207 710 7600
www.stifel.com
|
Peel Hunt (Joint Broker)
James Steel / Chris Golden / Patrick
Birkholm
|
www.peelhunt.com
|
ICR
Consilium
Mary-Jane Elliott / Jessica Hodgson
/ Sukaina Virji
|
avacta@consilium-comms.com
|
About Avacta Group plc - 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.
To register for news alerts by email
go to www.avacta.com/Investors/Investor-news-email-alerts/