RE: placing4 Jun 2020 08:08
raising £45m that's impressive:
Use of Proceeds
Rapid Scale-up of Diagnostics Business, £10 million:
· Working capital for the COVID-19 testing opportunity
· Expansion of in-house diagnostics product development capabilities including facilities, capital equipment; scientific, commercial and senior leadership teams
· Acceleration of broader diagnostics product pipeline and commercial partnerships
Accelerated Expansion of Pipeline of Differentiated Cancer Therapies, £35 million:
· Rapidly growing the pre|CISION™ pre-clinical pipeline and delivering pre-clinical packages for several pro-drugs (pre|CISION™ velcade, paclitaxel and oxaliplatin).
· Expanding the Affimer® immunotherapy pipeline (PDL1-TGFß inhibitor and PDL1-cytokine bispecifics).
· IND/CTA filings for one or more Affimer immunotherapies (TMAC drug conjugate (PDL1-IDASH) or first bispecific candidate) and one or more pre|CISION pro-drugs.
· Obtain first-in-human data for the Affimer® platform.
· UK phase I clinical trial for first pre|CISION™ chemotherapy AVA6000 pro-doxorubicin covered by current balance sheet. Proceeds will fund IND filing AVA6000.