Avacta Group PLC has announced the successful result of the REX Retail Offer, with the issuance of 10,896,948 Ordinary Shares at a price of 50 pence per Ordinary Share, subject to shareholder approval at the General Meeting to be convened on 18 March 2024. The REX Offer received total applications in excess of the £6.8 million aggregate value, and the Company has decided to allocate REX Offer Shares to existing Avacta retail shareholders, raising approximately £5.4 million.

In total, 62,296,557 new Ordinary Shares will be issued in the Firm Placing, Conditional Placing, Direct Subscription, and REX Offer, raising total gross proceeds of circa. £31.1 million. Application will be made for the REX Offer Shares to be admitted to trading on AIM. The Conditional Placing and the REX Offer are conditional on the passing of a resolution at the General Meeting on 18 March 2024.

Alastair Smith, Avacta Group plc Chief Executive, emphasized the importance of the recent placing in supporting the clinical development of AVA6000, the Company's pre|CISIONTM peptide drug conjugates capable of targeting chemotherapy to the tumor to spare healthy tissue. The fundraising has brought new high-quality institutions onto the share register and provides funding to advance AVA6000 through the clinic and develop pre-clinical assets.

Following the Admission of the Firm Placing Shares, Direct Subscription Shares, Conditional Placing Shares, and REX Offer Shares, the Company will have 350,512,279 Ordinary Shares in issue, with the total number of voting rights being the same. The Company's LEI is 2138009U3EG31OPMGH36.

For further information, individuals can visit the Company's website at www.avacta.com/investors.