Avacta Group PLC, a life sciences company specializing in targeted oncology drugs and diagnostics, has announced the issuance of 7,529,825 new ordinary shares to settle the quarterly principal and interest repayment of its unsecured convertible bonds. The Board has carefully considered the balance between dilution and cash resources, opting to settle the repayment in shares for this quarter. The remaining principal under the Convertible Bonds will be reduced by £2.55 million to £35.70 million after this settlement.

The terms and conditions of the Convertible Bonds include a reset of the conversion price on the Reset Date, which was 20 April 2024. The conversion price was reset to 88.72 pence due to the 15-Day Reset Average Market Price being 50.83 pence. There is also a provision for the restoration of the conversion price if the volume-weighted average price of the Company's Ordinary Shares on at least 20 dealing days in any 30 consecutive dealing days exceeds 130% of the pre-reset conversion price during the Reset Clawback Period.

The 7,529,825 New Ordinary Shares resulting from the conversion are expected to be admitted to trading on AIM at or around 8.00 am on 23 April 2024. After Admission, the Company's enlarged issued share capital will be 359,042,104. Shareholders may use this figure as the denominator for the calculations to determine if they are required to notify their interest in the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Avacta Group is a UK-based life sciences company with a focus on improving healthcare outcomes through targeted cancer treatments and diagnostics. It has two divisions: Avacta Therapeutics, a clinical stage oncology biotech division, and Avacta Diagnostics, which is focused on supporting healthcare professionals and broadening access to diagnostics. The company has two proprietary platforms, pre|CISION™ and Affimer®, which are utilized for developing novel, highly targeted cancer drugs and diagnostics.