Avacta (LSE:AVCT) has raised £12.5 million through a placing and director-led subscription of new ordinary shares at 68 pence per share.
The new shares represent approximately 3.9% of Avacta’s existing issued share capital. The company said the proceeds are expected to extend its cash runway into the second quarter of 2027 and support continued clinical development of its pre|CISION-based oncology pipeline.
Avacta also expects the additional funding to support its position in discussions with potential partners.
Funding to Support AVA6103 and AVA6207 Programmes
The company plans to use the proceeds to progress several development milestones across its oncology portfolio.
Avacta expects to report the first clinical efficacy data for lead candidate AVA6103 during the first half of 2027.
The company is also targeting the selection of a clinical candidate for AVA6207, its dual-payload programme, during the current quarter. The selected candidate would subsequently progress towards investigational new drug-enabling studies.
Both programmes use Avacta’s pre|CISION platform, which is designed to activate therapeutic payloads within the tumour microenvironment through fibroblast activation protein, or FAP.
AIM Trading Resumes Following Fundraise
Trading in Avacta shares on AIM is resuming following the closure of the company’s capital access window.
Following admission of the new shares, Avacta’s total issued share capital will increase to 489,712,861 ordinary shares.
The enlarged share capital will also form the basis for shareholders’ calculations relating to applicable disclosure thresholds.
Avacta Operations
Avacta is a clinical-stage life sciences company developing targeted oncology therapies.
Its pre|CISION platform uses the tumour-associated protease FAP with the aim of concentrating therapeutic payloads within the tumour microenvironment while limiting exposure to healthy tissue.
The company’s development portfolio includes peptide drug conjugates targeting cancer indications.
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