7th May 2014 10:18
LONDON (Alliance News) - Avacta Group PLC Wednesday said it has raised GBP10.1 million before expenses through a share placing on 918.2 million shares, which it will use to accelerate the development and commercialisation of Affimers.
The shares were placed with both new and existing institutional shareholders at a price of 1.10 pence. Avacta shares were trading 2.2% lower Wednesday morning at 1.10 pence.
The biotechnology company also said that it has granted an option to its adviser Numis Corp PLC to issue up to an additional 218.2 million new Avacta shares under the placing, in order to meet any additional demand.
The group said the net proceeds of the placing of approximately GBP9.7 million, or around GBP12.1 million should the maximum number of option shares be issued, will be used to continue the development of Affimer microarray products for drug and biomarker discovery and diagnostics.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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