15th Jul 2015 07:26
LONDON (Alliance News) - Avacta Group PLC on Wednesday said it has raised GBP22 million via a conditional placing to back the development of its affirmers portfolio as a new bio-therapeutic platform.
Avacta has issued 1.76 billion shares at 1.25 pence per share in the placing. Shares in the company were down 0.4% to 1.27 pence on Wednesday morning.
The funds will be used to back the development of its affirmer technology and to continue its current development programmes.
As part of the placing, FTSE 250-listed intellectual property investor IP Group PLC has subscribed for 240 million of the placing shares for GBP3 million, raising its stake in Avacta to 23.4%.
"This fundraising will allow Avacta to build on its success in developing Affimers as an alternative to antibodies that can potentially overcome many of the latter's limitations. We look forward to continuing to support the Company as it further explores and develops this versatile and differentiated platform," said IP Chief Executive Alan Aubrey.
IP Group shares were down 1.7% to 202.8 pence in early trade.
By Sam Unsted; [email protected]; @SamUAtAlliance
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