Avacta Group PLC Issue of Equity and Total Voting Rights (9997Q)
October 23 2023 - 7:30AM
UK Regulatory
TIDMAVCT
RNS Number : 9997Q
Avacta Group PLC
23 October 2023
23 October 2023
Avacta Group plc
("Avacta" or the "Group" or the "Company")
Issue of Equity and Total Voting Rights
Avacta Group plc (AIM: AVCT), a life sciences company focused on
improving healthcare outcomes through targeted cancer treatments
and diagnostics today announces it has issued and allotted a total
of 2,788,004 new ordinary shares of 10 pence each in the Company
("New Ordinary Shares"). The New Ordinary Shares are being issued
in settlement of the quarterly principal of GBP2.55 million and
interest repayment of GBP0.70 million in respect of the Company's
unsecured convertible bond, as detailed in Avacta's announcement on
18 October 2022.
After settlement of the quarterly repayment, the principal
remaining under the convertible bond will be reduced by GBP2.55
million to GBP40.80 million.
Application has been made to AIM for the admission to trading of
the 2,788,004 New Ordinary Shares resulting from the conversion,
which is expected to occur at or around 8.00 am on 24 October 2023
("Admission"). The New 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 283,614,110. 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 to their interest in, the share capital of the Company under
the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules.
-Ends-
For further information from Avacta Group plc, please
contact:
Avacta Group plc Tel: +44 (0) 1904 21 7070
Alastair Smith, Chief Executive www.avacta.com
Officer
Tony Gardiner, Chief Financial Officer
Michael Vinegrad, Group Communications
Director
Stifel Nicolaus Europe Limited (Nomad Tel: +44 (0) 207 710 7600
and Joint Corporate Broker) www.stifel.com
Nicholas Moore / Nick Adams / Samira
Essebiyea / Nick Harland / William
Palmer-Brown
Peel Hunt (Joint Corporate Broker) Tel: +44 (0) 207 418 8900
James Steel / Chris Golden / Patrick www.peelhunt.com
Birkholm
ICR Consilium (Media and IR) avacta@consilium-comms.com
Mary-Jane Elliott / Jessica Hodgson
/ Sukaina Virji
About Avacta Group plc - https://www.avacta.com
Avacta Group is a UK-based company focused on improving
healthcare outcomes through targeted cancer treatments and
diagnostics.
Avacta has two divisions: an oncology biotech division
harnessing proprietary therapeutic platforms to develop novel,
highly targeted cancer drugs, and a diagnostics division, which is
executing on an M&A led growth strategy to create a
full-spectrum diagnostics business focused on supporting healthcare
professionals and broadening access to testing. Avacta's two
proprietary platforms, Affimer(R) and pre|CISION(TM) underpin its
cancer therapeutics whilst the diagnostics division leverages the
Affimer(R) platform to drive competitive advantage in its
markets.
The pre|CISION(TM) platform modifies chemotherapy to be
activated only in the tumour tissue, reducing systemic exposure and
toxicity. This is achieved by harnessing an enzyme called FAP which
is highly upregulated in most solid tumours compared with healthy
tissues, turning chemotherapy into a "precision medicine". The lead
pre|CISION(TM) programme, AVA6000 a tumour activated form of
doxorubicin, is in Phase 1 studies and has shown dramatic
improvement in safety compared with standard doxorubicin, and early
signs of clinical activity.
Affimer(R) is a novel biologic platform which has significant
technical and commercial advantages compared with antibodies and is
used both to develop advanced immunotherapies and to improve the
performance of immunodiagnostics.
With a balanced business and capital allocation model: a
high-value oncology pipeline supported by a revenue generating,
fast-growing diagnostics business, Avacta seeks to create long-term
shareholder value alongside patient benefit.
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