Avacta Group plc has issued and allotted 2,788,004 new ordinary shares of 10 pence each in the company. These shares are being issued in settlement of the quarterly principal of £2.55 million and interest repayment of £0.70 million in respect of the company's unsecured convertible bond. After the repayment, the remaining principal under the convertible bond will be reduced to £40.80 million. The new ordinary shares 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 283,614,110.
Avacta Group is a UK-based life sciences company focused on improving healthcare outcomes through targeted cancer treatments and diagnostics. The company has two divisions: an oncology biotech division that develops novel cancer drugs, and a diagnostics division that focuses on creating a full-spectrum diagnostics business. The company's proprietary platforms, Affimer and pre|CISION, underpin its cancer therapeutics and diagnostics divisions. 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, is in Phase 1 studies and has shown improved safety and early signs of clinical activity. The Affimer platform is used to develop advanced immunotherapies and improve the performance of immunodiagnostics.