Trinity Delta view: Avacta is a pure play oncology company centred on the proprietary pre|CISION platform and PDC (peptide drug conjugate) assets, with management striving to reduce shareholder dilution as these advance towards near- and mid-term value inflection points. Faridoxorubicin, currently the lead programme, demonstrates the ability of pre|CISION to deliver a potent, toxic payload to the tumour microenvironment (TME) with minimal systemic effects; AVA6103, the lead Gen Two programme exploiting a sustained release mechanism for its exatecan payload, is in Phase I studies; with the lead Gen Three programme expected to complete IND-enabling studies. In our view, the key takeaway from this raise is that institutional investors (and management) are prepared to participate in a placing at market prices, suggesting solid confidence in the platform’s future potential and management’s ability to deliver it. Following the raise, we suspend valuation and forecasts. For context our last published valuation was £471m ($603m) or 103p/share.