Avacta Group plc has announced the issuance of ordinary shares as part of its HMRC Approved Share Incentive Plan ("SIP") Award Scheme. The shares, up to a value of £3,000 per employee, will be issued at the prevailing middle market price to eligible employees, forming part of their remuneration package. As a result, 9,515 Ordinary Shares have been issued, and application has been made for these shares to be admitted to trading on AIM, with dealings expected to commence on 22 February 2024.
Following Admission, the Company's enlarged issued share capital will be 288,215,722. 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.
Avacta Group plc is a life sciences company with a mission to improve people's health and well-being through innovative oncology drugs and powerful diagnostics. The company operates through two divisions, Diagnostics and Therapeutics. The Therapeutics Division is a clinical stage oncology drug innovator, building a pipeline of novel Affimer® immunotherapies and pre|CISION™ tumour targeted chemotherapies. Avacta's lead programme, AVA6000, is a preCISION™ tumour-targeted form of the established chemotherapy doxorubicin, currently in Phase I clinical trials.
The Affimer® platform, an alternative to antibodies, is designed to address the drawbacks of antibodies that currently dominate the immuno-diagnostics and immuno-therapeutics markets. Additionally, the pre|CISION™ tumour targeting platform can be used to modify a chemotherapy to selectively release the active drug in tumour tissue, reducing systemic exposure and improving the overall safety and therapeutic potential of these anti-cancer treatments.
For further information from Avacta Group plc, please contact the company directly or its appointed representatives.