Avacta a life sciences company developing innovative, targeted oncology drugs, is pleased to announce that it has raised gross proceeds of £3.25 million from long term, high net worth investors introduced by Zeus Capital Limited by way of a conditional placing of 10,833,333 new ordinary shares of 10 pence each in the Company (the “Placing Shares”) at a price of 30 pence per share (the “Issue Price”), together (the “Placing”).
The net proceeds of approximately £3.1 million from the Placing will effectively be used to settle the July quarterly repayment of the unsecured convertible bond which is due to be paid on 21 July 2025.
The Issue Price of the Placing Shares represents a lower level of dilution to Avacta’s shareholders than would have been the case through the share-based payment route under the terms of the bond.
Application has been made to the London Stock Exchange for the admission to trading on AIM of the 10,833,333 Placing Shares resulting from the Placing, which is expected to occur at or around 8.00 am on 24 July 2025 (“Admission”). The Placing Shares will rank pari passu with the existing ordinary shares of 10 pence each (“Ordinary Shares”) of the Company.
Following Admission, the Company’s enlarged issued share capital will be 404,548,875 Ordinary Shares. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
Christina Coughin, CEO of Avacta commented:
“This placing for July’s convertible bond repayment presents us with greater funding solution optionality, as we enter a pivotal period commercially with multiple catalysts over the coming months. I am very confident our strengthened Board and management team will ensure we are well positioned to capitalize on the multiple opportunities our pre|CISION® technology is enabling”