Avacta reveals £3.75 million fundraising

Wetherby-based Avacta has conditionally raised gross proceeds of £3.75 million.

Avacta launched a new share subscription scheme on Thursday which issued 20,833,333 new ordinary shares at a price of 18 pence per share.

The firm said it saw “substantial institutional interest” following the listing. The move is subjected to shareholders signing off.

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In total Avacta wants to raise £5.75m before expenses to fund a number of projects,

AvactaAvacta
Avacta

These include:

• A phase 1 clinical trial of AVA6000 pro-doxorubicin;

• Continuing to advance Affimer® immunotherapy pipeline with partners;

• Delivering further commercial progress for therapeutics and diagnostics; and

• Developing a small pipeline of Affimer® based diagnostic tests for licensing.

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The firm said: “The company has instigated a working from home policy where possible and has curtailed all travel.

“Laboratory staff are continuing to carry out their duties working in smaller teams to allow social distancing to be observed.

“The Group’s revenues are not expected to be materially affected this year as a direct result of the Covid-19 pandemic and will continue to benefit from the expanded LG Chem partnership, the new collaboration established with ADC Therapeutics and the recently announced joint venture with Daewoong Pharmaceuticals.

“At this stage, the company does not expect to experience significant delays of more than a few weeks due to the Covid-19 pandemic, but it is reliant on clinical trials in the UK resuming by the end of the year.”

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