18 July
2024
Avacta Group
plc
("Avacta"
or the "Group" or the "Company")
Update on Convertible Bond
Payment
Avacta Group plc (AIM: AVCT), a
clinical stage life sciences company developing innovative,
targeted cancer treatments and powerful diagnostics today announces
that it has elected to settle in cash the upcoming July quarterly
amortisation payment in respect of the Company's unsecured
convertible bonds (the "Convertible Bonds"), as detailed in
Avacta's announcement on 18 October 2022. This payment comprises
principal of £2.55 million and interest of £0.58 million.
The Board carefully considers each payment
separately as it arises, taking into account a range of factors
including the Company's cash runway, shareholder dilution and
broader business prospects. On this occasion the Board has
decided to settle the quarterly repayment in cash.
After settlement of the quarterly
repayment, the principal remaining under the Convertible Bonds will
be reduced by £2.55 million to £33.15 million.
The Company remains
on track to achieve its stated corporate
objectives for 2H 2024, namely to update the clinical data in the
AVA6000 programme, to initiate enrolment in the expansion cohorts
of the AVA6000 Phase 1 trial and disclose the updated
pipeline.
For
further information from Avacta Group plc, please
contact:
|
Avacta Group plc
Christina
Coughlin, CEO
Michael Vinegrad, Group
Communications Director
|
Tel: +44 (0) 1904 21 7070
www.avacta.com
|
|
|
|
|
Peel Hunt (Nomad and Broker)
James Steel / Chris Golden / Patrick
Birkholm
|
www.peelhunt.com
|
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ICR
Consilium
Mary-Jane Elliott / Jessica Hodgson
/ Sukaina Virji
|
avacta@consilium-comms.com
|
About Avacta Group plc - www.avacta.com
Avacta Group is a UK-based life
sciences company focused on improving healthcare outcomes through
targeted cancer treatments and diagnostics.
Avacta Therapeutics: a clinical
stage oncology biotech division harnessing proprietary therapeutic
platforms to develop novel, highly targeted cancer
drugs.
Avacta Diagnostics focuses on
supporting healthcare professionals and broadening access to
diagnostics.
Avacta has two proprietary
platforms, pre|CISION™ and Affimer®.
The pre|CISION™ platform is a highly
specific substrate for fibroblast activation protein (FAP) which is
upregulated in most solid tumours compared with healthy tissues.
The pre|CISION™ platform harnesses this tumour specific protease to
activate pre|CISION™ peptide drug conjugates and pre|CISION™
antibody/Affimer® drug conjugates in the tumour
microenvironment, reducing systemic exposure and toxicity, allowing
dosing to be optimised to deliver the best outcomes for
patients.
The lead pre|CISION™ programme
AVA6000, a peptide drug conjugate form of doxorubicin, is in Phase
1 studies. It has shown an improvement in safety and tolerability
in clinical trials to date compared with standard doxorubicin and
preliminary signs of clinical activity in multiple
patients.
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