(Alliance News) - Avacta Group PLC on Thursday said it is increasing its placing to GBP25.7 million, "in light of the strong demand."
Avacta is a Wetherby, England-based life sciences company developing oncology drugs and diagnostics.
Avacta said it is increasing its placing to GBP25.7 million from GBP20 million.
It says it has already successfully placed 51.3 million shares priced at 50 pence each.
Its shares were down 30% to 52.10p each in London on Thursday around midday.
Avacta first announced the placing on Wednesday.
It said that it is increasing the placing "in light of the strong demand received both from existing investors and potential new holders."
Chief Executive Officer Alastair Smith said: "Under very challenging market conditions we have raised financing that allows Avacta to progress at full speed its lead pre|CISION targeted chemotherapy, AVA6000, into the expansion and Phase 2 efficacy studies. The emerging clinical data from the Phase 1 safety study strongly supports our belief that pre|CISION can change the way in which cancer is treated and we are pleased that we are now in a position to also progress the broader pre|CISION pipeline.
"Critically, this financing provides Avacta with 24 months of cash runway to focus on advancing AVA6000 through the clinic, as well as progressing other assets earlier in the development cycle to hit key commercial milestones."
By Sophie Rose, Alliance News senior reporter
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Avacta Group (AVCT)