Result of the Open Offer

Avacta Group plc (AIM: AVCT), a clinical stage biopharmaceutical company developing innovative cancer therapies and powerful diagnostics based on its proprietary Affimer® and pre|CISION™ platforms, announced on 18 October 2022 the details of a proposed Open Offer (the ”Open Offer”) to raise gross proceeds of up to approximately £2.0 million through the issue of up to 2,106,980 Open Offer Shares at 95 pence per share.

The Open Offer closed for acceptances at 11:00 am on 7 November 2022. The Company is pleased to announce that it has received valid applications under the Open Offer (including under the Excess Application Facility) in respect of 16,258,999 Open Offer Shares from Qualifying Shareholders (the “New Ordinary Shares“). This represents approximately 772% of the Open Offer Shares offered to Qualifying Shareholders pursuant to the Open Offer.

The Open Offer is conditional upon Admission occurring. Application has been made to the London Stock Exchange for 2,106,980 New Ordinary Shares to be admitted to trading on AIM. It is expected that Admission will become effective and dealings will commence in the New Ordinary Shares at 8.00 a.m. on 9 November 2022.

This announcement should be read in conjunction with the full text of the circular issued on 19 October 2022 (“Circular“). All capitalised/defined terms used in this announcement and not otherwise defined shall have the meanings given to them in the Circular.

Total voting rights

Following Admission, the Company’s enlarged issued ordinary share capital will be 265,839,639. 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 in their interest in, the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules.

This announcement is released by the Company and contains inside information under the UK Market Abuse Regulation, encompassing information relating to the Fundraise described above. The person responsible for arranging for the release of this announcement on behalf of the Company is Tony Gardiner, Chief Financial Officer.

Confirmation of gross funds raised 

The total gross proceeds raised pursuant to the Fundraise, as announced on 18 October 2022, amount to approximately £64.0 million, combining this successful open offer raising approximately £2.0 million with the Convertible Bond Offering (with an aggregate principal amount of £55.0 million (resulting in cash proceeds of £52.25 million) and the completion of the placing of new ordinary shares raising gross proceeds of approximately £7.0 million.