Business
Result of Fundraising
Result of Fundraising.
About this update from Avacta Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 0324P\n Avacta Group PLC\n 04 June 2020\n \n \n \n \n THIS ANNOUNCEMENT, AND THE INFORMATION CONTAINED HEREIN, IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.\n \n \n THE INFORMATION COMMUNICATED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n \n \n \n \n Avacta Group plc\n \n \n \n \n \n (\"Avacta\", the \"Group\" or the \"Company\") \n \n \n Result of Fundraising \n \n \n \n \n \n Avacta Group plc (AIM: AVCT), \n the developer of Affimer® biotherapeutics and reagents\n , is pleased to announce that, further to its announcement made at 7:00 a.m. today, it has successfully completed the bookbuild of the heavily oversubscribed Placing which has now closed. The Fundraising has conditionally raised gross proceeds of, in aggregate, £48 million, before expenses, through the issue of 40,000,000 New Ordinary Shares at the Issue Price. The Fundraising was increased to accommodate significant retail demand in the PrimaryBid Offer.\n \n \n Use of Proceeds\n \n \n \n \n \n \n \n \n \n Rapid Scale-up of Diagnostics Business, £10 million:\n \n \n \n \n \n \n · \n Working capital for the COVID-19 testing opportunity\n \n \n \n \n \n \n · \n Expansion of in-house diagnostics product development capabilities including facilities, capital equipment; scientific, commercial and senior leadership teams\n \n \n \n \n \n \n · \n Acceleration of broader diagnostics product pipeline and commercial partnerships\n \n \n \n \n \n \n \n \n \n \n \n Accelerated Expansion of Pipeline of Differentiated Cancer Therapies, £38 million:\n \n \n \n \n \n \n · \n Rapidly growing the pre|CISION™ pre-clinical pipeline and delivering pre-clinical packages for several pro-drugs (pre|CISION™ velcade, paclitaxel and oxaliplatin).\n \n \n \n \n \n \n · \n Expanding the Affimer\n ®\n immunotherapy pipeline (PDL1-TGFβ inhibitor\n \n \n \n and PDL1-cytokine bispecifics).\n \n \n · \n IND/CTA filing...