Avacta Group PLC Issue of Equity (2927S)
July 07 2020 - 8:06AM
UK Regulatory
TIDMAVCT
RNS Number : 2927S
Avacta Group PLC
07 July 2020
07 July 2020
Avacta Group plc
("Avacta" or "the Group" or "the Company")
Issue of Equity
Avacta Group plc (AIM: AVCT), the developer of Affimer(R)
biotherapeutics and reagents, today announces that following the
exercise of EMI share options by Group employees it has issued and
allotted 357,906 new ordinary shares of 10 pence each in the
Company ("Ordinary Shares").
Application will be made for the Ordinary Shares to be admitted
to trading on AIM and dealings are expected to commence on 14 July
2020 . The Ordinary Shares will rank pari passu with the existing
Ordinary Shares of the Company.
Following Admission, the Company's enlarged issued share capital
will be 249,155,721. This figure may be used by shareholders in the
Company as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change in their interest in, the share capital of 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 (Nomad and Joint Broker) Tel: +44 (0) 207 220 0500
Geoff Nash / Giles Rolls / Teddy www.finncap.com
Whiley - Corporate Finance
Tim Redfern - ECM
Zeus Capital Limited (Joint Broker) Tel: +44 (0)203 829 5000
John Goold / Rupert Woolfenden - www.zeuscapital.co.uk
Corporate Broking
Yellow Jersey (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 platform, activates chemotherapy only in the
tumour, thereby limiting systemic exposure and damage to healthy
tissues, and thus 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 in late 2020.
Avacta has established drug development partnerships with pharma
and biotech, including with Moderna Therapeutics Inc., a
collaboration with LG Chem to develop treatments for autoimmune and
inflammatory diseases worth up to $310m, a partnership with ADC
Therapeutics to develop Affimer drug conjugates and a joint venture
in South Korea with Daewoong Pharmaceuticals to develop the next
generation of stem cell therapies that incorporate Affimer
immuno-modulators. Avacta actively seeks to license its proprietary
platforms in a range of therapeutic areas.
The 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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