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(Alliance News) - Avacta Group PLC on Tuesday closed its GBP2.0 million open offer of shares, bringing its total fundraise to GBP64.0 million.
Back in October, Avacta, a clinical stage oncology drug company, announced a GBP62.0 million fundraise, which will be partially used to finance its acquisition of Launch Diagnostics Holdings Ltd for up GBP37 million.
Launch Diagnostics was founded in 1990 and is headquartered in Longfield, Kent, with a French subsidiary and operational hubs in Ireland, Belgium and Luxembourg. It is an independent distributor in the in vitro diagnostics market within the UK.
Avacta said it would raise GBP62.0 million from a GBP5.0 million share placing, GBP2.0 million open offer, and GBP55.0 million sale of convertible bonds.
It planned to place the new shares at an issue price of 95 pence per share. This represents a 4.0% discount to Avacta's closing price of 99.00p on October 17.
Shares in Avacta were up 0.5% to 128.75 pence each in London on Tuesday afternoon.
On Tuesday, Avacta said the open offer now has closed. It received applications for 16.3 million shares. This will be scaled back and 2.1 million new shares will be issued.
The total proceeds from the fundraise amount to GBP64.0 million, combining the GBP2.0 million open offer with the GBP55.0 million convertible bond offering and GBP7.0 million share placing.
By Sophie Rose; sophierose@alliancenews.com
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