Avacta Group plc has announced that it has received a notice of conversion for £0.85 million of the principal amount of the company's unsecured convertible bond. As a result, Avacta will issue and allot 715,789 new ordinary shares of 10 pence each in the company. The conversion will reduce the principal remaining under the convertible bond to £43.35 million. The new ordinary shares resulting from the conversion will be admitted to trading on AIM and will rank pari passu with the existing ordinary shares of the company. Following the admission, the company's enlarged issued share capital will be 280,082,440.
Avacta Group plc is a life sciences company that develops innovative, targeted oncology drugs and powerful diagnostics. The company operates through two divisions, Diagnostics and Therapeutics, with a mission to provide solutions that improve healthcare, fitness, and well-being. The Therapeutics Division focuses on building a pipeline of novel Affimer immunotherapies and pre|CISION tumour-targeted chemotherapies. The company's lead programme, AVA6000, is a pre|CISION tumour-targeted form of the chemotherapy doxorubicin, currently in Phase I clinical trials. The Affimer platform is an alternative to antibodies, designed to address the drawbacks of antibodies in the immuno-diagnostics and immuno-therapeutics markets. The pre|CISION tumour targeting platform modifies chemotherapy to selectively release the active drug in tumour tissue, reducing systemic exposure and improving the safety and therapeutic potential of anti-cancer treatments.