Avacta Group plc has announced its decision to settle the upcoming July quarterly amortization payment for its unsecured convertible bonds in cash. The payment comprises principal of £2.55 million and interest of £0.58 million. After the settlement, the principal remaining under the Convertible Bonds will be reduced by £2.55 million to £33.15 million. The company carefully considers each payment separately, taking into account factors such as cash runway, shareholder dilution, and broader business prospects. The Board has decided to settle the quarterly repayment in cash on this occasion.
The company remains on track to achieve its stated corporate objectives for the second half of 2024. These objectives include updating the clinical data in the AVA6000 program, initiating enrollment in the expansion cohorts of the AVA6000 Phase 1 trial, and disclosing the updated pipeline.
Avacta Group plc is a UK-based life sciences company focused on improving healthcare outcomes through targeted cancer treatments and diagnostics. The company has two proprietary platforms, pre|CISION™ and Affimer®. The pre|CISION™ platform is a highly specific substrate for fibroblast activation protein (FAP), which is upregulated in most solid tumors compared with healthy tissues. The pre|CISION™ platform harnesses this tumor-specific protease to activate pre|CISION™ peptide drug conjugates and pre|CISION™ antibody/Affimer® drug conjugates in the tumor microenvironment, reducing systemic exposure and toxicity, allowing dosing to be optimized to deliver the best outcomes for patients.