IN BRIEF: Avacta raises PS10 million in equity for clinical tests
Avacta Group PLC - London-based biopharmaceutical company developing a tumour-activated oncology delivery platform - Raises £10 million from a placing of and subscription to 15.9 million new shares at 63 pence each. The new shares represent 3.6% of Avacta’s total prior to the issuance. Two non-executive directors, Richard Hughes and David Bryant, contribute a total of £550,000 to the raise. The share offer is run by Zeus Capital as broker and bookrunner. Zeus will receive warrants over 4.4 million new shares at the same 63p price, exercisable over five years. The raise is in line with the plan announced after the London market close on Thursday. The fresh cash will be used to progress Avacta’s research and development programmes into early in the first quarter of 2027, providing enough cash to get to initial data from a phase 1a trial of AVA6103, its second clinical program. AVA6103, a peptide drug conjugate.
Current stock price: 66.12 pence, down 3.5% in London on Friday
12-month change: up 76%
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