IN BRIEF: Avacta Group raises GBP9 million for bond repayments
Avacta Group PLC - London-based clinical-stage biopharmaceutical company - Raises gross proceeds of approximately GBP9 million from institutional investors and existing shareholders, through conditionally placing 12.8 million new shares at 70 pence each. Says one institutional cornerstone investor represents the majority of the funds. Notes that as of late August, the terms of its convertible bond were renegotiated to defer quarterly repayments and interest until October 20, 2027. The bondholder can accelerate the satisfaction of the quarterly repayments from October 1 this year. It will also have the right to accelerate satisfaction of one or both deferred repayments upon publication of Avacta's data readouts from its phase 1b trials of AVA6000 in triple-negative breast cancer or, if earlier, June 30. Avacta says the net placing proceeds will enable it to make the deferred repayments in cash, and make an additional quarterly payment in cash if required. Also notes that Chief Executive Officer Christina Coughlin and Non-Executive Director Mark Goldberg have both invested approximately GBP22,500 by subscribing for 32,142 shares each at the issue price. Read More