Avacta Group PLC, a life sciences company focusing on targeted oncology drugs and diagnostics, has successfully passed a resolution at its General Meeting. The company now has the authority to issue 23,879,124 Conditional Placing Shares and 10,896,948 REX Offer Shares at a price of 50 pence per Ordinary Share, raising gross proceeds of approximately £11.9 million and £5.4 million, respectively. This, combined with the Firm Placing and Direct Subscription Shares, brings the total gross proceeds raised to approximately £31.1m.

The Conditional Placing Shares and REX Offer Shares are expected to be admitted to trading on AIM, with dealings commencing at or around 8.00 a.m. on 19 March 2024. Following this, the total number of Ordinary Shares in issue will be 350,512,279, and the total number of voting rights of the Company will be 350,512,279.

The announcement, deemed to contain inside information under the UK Market Abuse Regulation, was released by the Company and is related to the Fundraise. Avacta Group PLC's Chief Financial Officer, Tony Gardiner, is responsible for arranging the release of this announcement.

Avacta Group PLC is a UK-based company with a focus on improving healthcare outcomes through targeted cancer treatments and diagnostics. The company has two divisions: an oncology biotech division developing novel, highly targeted cancer drugs and a diagnostics division executing an M&A led growth strategy to create a full-spectrum diagnostics business. The company's proprietary platforms, Affimer® and pre|CISION™, underpin its cancer therapeutics, while the diagnostics division leverages the Affimer® platform to drive competitive advantage in its markets.

The pre|CISION™ platform modifies chemotherapy to be activated only in the tumor tissue, reducing systemic exposure and toxicity. The lead pre|CISION™ program, AVA6000, a tumor-activated form of doxorubicin, is in Phase 1 studies and has shown improvement in safety compared with standard doxorubicin, and early signs of clinical activity. Affimer® is a novel biologic platform used to develop advanced immunotherapies and improve the performance of immunodiagnostics.

Avacta Group PLC seeks to create long-term shareholder value alongside patient benefit through a balanced business and capital allocation model, with a high-value oncology pipeline supported by a revenue-generating, fast-growing diagnostics business.