Avacta Group plc, a life sciences company focused on targeted cancer treatments and diagnostics, has applied for a block listing of 4,300,000 ordinary shares on AIM. The shares will be used to facilitate the admission of shares to trading following the exercise of options granted under the EMI Scheme and the LTIP/ESOS Scheme. The block listing is expected to become effective on 24 October 2023. Avacta will continue to make six-monthly announcements of the utilization of the block admission. At the time of the announcement, Avacta has 280,826,106 ordinary shares in issue.
Avacta Group is a UK-based company with two divisions: an oncology biotech division focused on developing targeted cancer drugs, and a diagnostics division focused 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 compared to standard doxorubicin. The Affimer platform is used to develop advanced immunotherapies and improve the performance of immunodiagnostics.