Business
Proposed Fundraise to raise approximately £10m
Avacta Group plc is proposing a fundraising to raise approximately £10 million through a placing and subscription at an issue price of 63 pence per new ordinary share. This equity raise is intended to provide further working capital for the company's research and development programs, extending its cash runway into early Q1 2027 and beyond the expected initial data readout of the AVA6103 (FAP-Exd) Phase 1a trial in late 2026. The fundraising is also supported by intended subscriptions from two Non-Executive Directors, investing approximately £500,000 and £50,000 respectively. The issue price represents a discount of approximately 9.35% to the previous day's closing mid-market price. Disclaimer*
About this update from Avacta Group Plc
[{"type":"text","content":"\n\n \n \n \n \n \nALL DETAILS IN THIS ANNOUNCEMENT UNCHAGED OTHER THAN THE HEADING CHANGED TO \"PROPOSE FUNDRAISE TO RAISE APPROXIMATELY £10m\"\n\nTHIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT, IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. PLEASE SEE THE IMPORTANT NOTICES IN THIS ANNOUNCEMENT.\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU) 596 / 2014 WHICH FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (AS AMENDED) (\"MAR\").\n \nFOR IMMEDIATE RELEASE\n \nAvacta Group plc\n \n(\"Avacta\" or the \"Group\" or the \"Company\")\n \nProposed Placing via an accelerated bookbuild and Subscription to raise approximately £10 million\n \n \nLONDON and PHILADELPHIA - March 26, 2026 - Avacta Therapeutics (AIM: AVCT, \"the Company\", \"Avacta\"), a clinical stage biopharmaceutical company developing pre|CISION®, a tumor-activated oncology delivery platform, today announces a proposed equity placing of approximately 15,000,000 new ordinary shares of 10 pence each in the capital of the Company (\"Ordinary Shares\") (the \"Placing Shares\") (the \"Placing\"), together with a subscription for approximately 873,016 new Ordinary Shares (the \"Subscription Shares\") (the \"Subscription\"), in each case at an issue price of 63 pence per new Ordinary Share (the \"Issue Price\"), to raise gross proceeds of approximately £10 million (the \"Fundraise\").\n \nBackground to and reasons for the Fundraise\n \nAvacta is a clinical-stage biopharmaceutical company focused on the development of its proprietary pre|CISION® tumor-activated drug delivery platform. The Company's second clinical program, AVA6103 (FAP-Exd), is progressing into clinical development, with dosing expected to commence imminently. AVA6103 is a pre|CISION® peptide drug conjugate (PDC) that is based on a highly potent topoisomerase I inhibitor, exatecan.\n \nThe Board believes that AVA6103 represents a potentially significant advancement in the delivery of exatecan, utilizing the pro...