30th Jul 2018 18:17
LONDON (Alliance News) - Biotherapeutics firm Avacta Group PLC late Monday said it raised GBP11.6 million before expenses to help fund new drug development partnerships.
Early on Monday, Avacta planned to raise GBP11.4 million in a share placing and subscription.
The company placed 38.6 million shares at a price of 25 pence each, in an accelerated bookbuild run by finnCap as nominated advisor & broker, with WG Partners and Turner Pope also acting as brokers.
Share price represented a 19% discount to the average 30 day closing price to Friday last week, being 30p per share. Shares in Avacta closed down 28% on Monday at 25.70p apiece.
Non-Executive Chairman Eliot Forster, Chief Executive Officer Alastair Smith, Non-Executive Director Alan Aubrey and Chief Commercial Officer Trevor Nicholls confirmed their subscriptions for a total of 280,000 shares, worth GBP70,000.
The funds will be used to enter new drug development partnerships, to go towards developing its pipeline, licence products, and achieve a clinic-ready candidate for first human trials of its PD-L1/LAG3 therapy.
Updated by Evelina Grecenko; [email protected]
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