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LONDON - Avacta Group plc (AIM:AVCT), a life sciences company focused on developing targeted oncology drugs, announced today it has raised £3.25 million through a conditional placing of 10,833,333 new ordinary shares at 30 pence per share.
The company said in a press release that the funds were raised from long-term, high net worth investors introduced by Zeus Capital Limited. The net proceeds of approximately £3.1 million will be used to settle the July quarterly repayment of an unsecured convertible bond due on July 21, 2025.
Avacta noted that the share placing represents a lower level of dilution to shareholders than would have occurred through the share-based payment option under the terms of the bond.
The new shares are expected to be admitted to trading on AIM around July 24, 2025. Following admission, Avacta’s enlarged issued share capital will consist of 404,548,875 ordinary shares.
Christina Coughin, CEO of Avacta, stated that the placing "presents us with greater funding solution optionality, as we enter a pivotal period commercially with multiple catalysts over the coming months."
The company develops therapeutics based on its proprietary pre|CISION technology platform for targeted cancer treatments.
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