Avacta Group plc (AIM: AVCT), a clinical stage life sciences company developing innovative, targeted cancer treatments and powerful diagnostics today announces that it has elected to settle in cash the upcoming July quarterly amortisation payment in respect of the Company’s unsecured convertible bonds (the “Convertible Bonds”), as detailed in Avacta’s announcement on 18 October 2022. This payment comprises principal of £2.55 million and interest of £0.58 million. The Board carefully considers each payment separately as it arises, taking into account a range of factors including the Company’s cash runway, shareholder dilution and broader business prospects. On this occasion the Board has decided to settle the quarterly repayment in cash.
After settlement of the quarterly repayment, the principal remaining under the Convertible Bonds will be reduced by £2.55 million to £33.15 million.
The Company remains on track to achieve its stated corporate objectives for 2H 2024, namely to update the clinical data in the AVA6000 programme, to initiate enrolment in the expansion cohorts of the AVA6000 Phase 1 trial and disclose the updated pipeline.