Avacta Group PLC Result of General Meeting (9447Q)
June 24 2020 - 5:15AM
UK Regulatory
TIDMAVCT
RNS Number : 9447Q
Avacta Group PLC
24 June 2020
24 June 2020
Avacta Group plc
("Avacta", "the Group" or "the Company")
Result of General Meeting
Avacta Group plc (AIM: AVCT), the developer of Affimer(R)
biotherapeutics and research reagents, is pleased to announce that
at the general meeting held earlier today all resolutions were duly
passed.
ADMISSION
Application has been made for the 13,645,718 ordinary shares of
10 pence each ("Ordinary Shares") to be admitted to trading on AIM
("Admission"). It is expected that Admission will become effective
and trading in the Ordinary Shares will commence on or around 8.00
a.m. on 25 June 2020.
Following Admission, the Company will have 248,797,815 Ordinary
Shares in issue and shareholders may use this figure as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in the Company, under the FCA's Disclosure Guidance and
Transparency Rules.
- Ends -
For further information from Avacta Group plc, please
contact:
Avacta Group plc Tel: +44 (0) 844 414 0452
Alastair Smith, Chief Executive Officer www.avacta.com
Tony Gardiner, Chief Financial Officer
finnCap Ltd (Nominated Adviser and Joint Tel: +44 (0) 207 220 0500
Broker) www.finncap.com
Geoff Nash / Giles Rolls / Teddy Whiley
- Corporate Finance
Tim Redfern - E CM
Zeus Capital Limited (Joint Broker) Tel: +44 (0)203 829 5000
John Goold / Rupert Woolfenden - Corporate www.zeuscapital.co.uk
Broking
Yellow Jersey PR (Financial Media and Tel: +44 (0)203 004 9512
IR) avacta@yellowjerseypr.com
Sarah Hollins
Henry Wilkinson
Tel: +44 (0)7787 502 947
Zyme Communications (Trade and Regional katie.odgaard@zymecommunications.com
Media)
Katie Odgaard
About Avacta Group plc - https://www.avacta.com
Avacta is developing novel cancer immunotherapies combining its
two proprietary platforms - Affimer(R) biotherapeutics and
pre|CISION(TM) tumour targeted chemotherapy. With this approach,
the Company aims to address the lack of a durable response to
current immunotherapies experienced by most patients. The Company's
therapeutics development activities are based in Cambridge, UK.
The Company benefits from near-term revenues generated from
Affimer reagents for diagnostics, bioprocessing and research,
through a separate business unit based in Wetherby, UK.
The Affimer platform is an alternative to antibodies derived
from a small human protein. Despite their shortcomings, antibodies
currently dominate markets worth in excess of $100bn. Affimer
technology has been designed to address many of these negative
performance issues, principally: the time taken, and the reliance
on an animal's immune response, to generate new antibodies; poor
specificity in many cases; large size and cost.
Avacta's pre|CISION targeted chemotherapy platform, releases
active chemotherapy only in the tumour, thereby limiting systemic
exposure and damage to healthy tissues, and thereby improving the
overall safety and therapeutic potential of these powerful
anti-cancer treatments.
By combining these two platforms the Company is building a
wholly owned pipeline of novel cancer therapies with the aim of
creating effective treatments for all cancer patients including
those who do not respond to existing immunotherapies. Avacta
expects to take its first drug, a pre|CISION targeted form of the
standard-of-care Doxorubicin, into the clinic later in 2020 or
early 2021.
Avacta has established drug development partnerships with pharma
and biotech, including with Moderna Therapeutics Inc., a deal with
LG Chem worth up to $310m, a partnership with ADC Therapeutics to
develop Affimer drug conjugates and has established a joint venture
in South Korea with Daewoong Pharmaceutical focused on cell and
gene therapies incorporating Affimer immune-modulators. Avacta
actively seeks to license its proprietary platforms in a range of
therapeutic areas.
Avacta diagnostics business unit works with partners world-wide
to develop Affimers for evaluation by those third parties with the
objective of establishing royalty bearing license deals. The
Company is also developing a small in-house pipeline of
Affimer-based diagnostic assays for licensing.
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END
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