AVCT Avacta Group Plc

TIDMAVCT

RNS Number : 1042N

Avacta Group PLC

20 September 2023

20 September 2023

Avacta Group plc

("Avacta" or the "Group" or the "Company")

Issue of Equity and Total Voting Rights

Avacta Group plc (AIM: AVCT), a life sciences company developing innovative, targeted oncology drugs and powerful diagnostics, today announces it has received a notice of conversion for GBP0.85 million of the principal amount of the Company's unsecured convertible bond (the "Conversion"), as detailed in Avacta's announcement on 18 October 2022.

As a result of the Conversion, Avacta will issue and allot 715,789 new ordinary shares of 10 pence each in the Company ("New Ordinary Shares"). After settlement of the conversion, the principal remaining under the convertible bond will be reduced by GBP0.85 million to GBP43.35 million.

Application has been made to AIM for the admission to trading of the 715,789 New Ordinary Shares resulting from the conversion, which is expected to occur at or around 8.00 am on 26 September 2023 ("Admission"). The New Ordinary Shares will rank pari passu with the existing Ordinary Shares of the Company.

Following Admission, the Company's enlarged issued share capital will be 280,082,440. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

-Ends-

For further information from Avacta Group plc, please contact:

 
 Avacta Group plc                           Tel: +44 (0) 1904 21 7070 
  Alastair Smith, Chief Executive                      www.avacta.com 
  Officer 
  Tony Gardiner, Chief Financial Officer 
  Michael Vinegrad, Group Communications 
  Director 
 Stifel Nicolaus Europe Limited (Nomad      Tel: +44 (0) 207 710 7600 
  and Broker)                                          www.stifel.com 
  Nicholas Moore / Nick Adams / Samira 
  Essebiyea / Nick Harland / Dhiren 
  Suares / William Palmer-Brown 
 Peel Hunt                                  Tel: +44 (0) 207 418 8900 
  James Steel / Chris Golden / Patrick               www.peelhunt.com 
  Birkholm 
 ICR Consilium                             avacta@consilium-comms.com 
  Mary-Jane Elliott / Jessica Hodgson 
  / Sukaina Virji 
 

About Avacta Group plc - https://www.avacta.com

Avacta Group plc is a life sciences company working to improve people's health and well-being through innovative oncology drugs and powerful diagnostics. Operating through two divisions, Diagnostics and Therapeutics, the Group's mission is to provide professionals and consumers with solutions that improve healthcare, fitness and well-being.

Avacta's Therapeutics Division, a clinical stage oncology drug innovator, is building a wholly owned pipeline of novel Affimer(R) immunotherapies and pre|CISION(TM) tumour targeted chemotherapies. This approach is designed to address the lack of a durable response to current cancer immunotherapies experienced by most patients and reduce the severe systemic toxicities caused by chemotherapies. There are five programmes in the pipeline as well as several global research collaborations and licensing partnerships. Avacta's lead programme, AVA6000, is a pre|CISION(TM) tumour-targeted form of the established chemotherapy doxorubicin. AVA6000 is in Phase I clinical trials in patients with locally advanced or metastatic selected solid tumours.

The Affimer(R) platform is an alternative to antibodies that has been designed to address many of the drawbacks of antibodies which, despite their shortcomings, currently dominate the immuno-diagnostics and immuno-therapeutics markets.

The pre|CISION(TM) tumour targeting platform can be used to modify a chemotherapy in order to selectively release the active drug in tumour tissue thereby reducing the systemic exposure that causes damage to healthy tissues. pre|CISION(TM) modified chemotherapies are designed to reduce the side effects and improve the overall safety and therapeutic potential of these powerful anti-cancer treatments.

Avacta's Diagnostics Division develops and supplies a broad range of in-vitro diagnostic (IVD) solutions. The Division is growing rapidly through an M&A strategy to deliver a global-scale IVD business providing market-leading solutions for healthcare professionals and consumers to inform treatment and monitor health and well-being. In October 2022, Avacta acquired Launch Diagnostics which serves the hospital pathology laboratory market in the UK and Europe. In May 2023, Avacta acquired Coris Bioconcept a Belgium-based lateral flow test developer and manufacturer adding a broad range of marketed professional-use rapid tests into the Diagnostics Division. Avacta Diagnostic's research and development centre in Wetherby, UK uses its proprietary Affimer(R) platform to differentiate immunodiagnostic products to provide market-leading performance.

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