This is the month7 Jun 2020 20:49
The re-rate starts tomorrow
, I am delighted to report that the placing has received overwhelming support from both institutional and retail investors leading to a bookbuild that was multiple times oversubscribed. I would like to thank our existing investors and welcome new shareholders to Avacta. We are very pleased to have added a significant strategic US investor to our register.
This substantial fundraising allows us to rapidly expand the in-house Affimer® and pre|CISION™ cancer therapy pipelines and scale-up the diagnostics business to expand the Affimer® diagnostic products pipeline. In the short term the funds will provide the Company with the working capital to support the development and manufacture of the COVID-19 antigen tests in development which, given the potential demand, could be transformational for Avacta.
The Board anticipates strong near-term news flow relating to the COVID-19 test developments with Cytiva and Adeptrix, as well as commercial and technical progress in the established therapeutic and diagnostics businesses, allowing the Company to concurrently achieve multiple value inflection points that we expect will deliver substantial shareholder returns. I look forward to updating the market on our continued progress."