LONDON (Alliance News) - Biotherapeutics firm Avacta Group PLC on Monday said it plans to raise GBP11.4 million in a share placing and subscription to help fund new drug development partnerships.
Avacta is to place shares at 25 pence each, in an accelerated bookbuild run by finnCap as nominated advisor and broker, with WG Partners and Turner Pope also acting as brokers.
Shares were down 26% on Monday at a price of 26.12p apiece following the announcement.
Avacta said the final number of shares to be placed will be agreed at the end of the bookbuild.
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.
Avacta Group (AVCT)