REG - Avacta Group PLC - Convertible Bond Payment

AvactaAnnouncement

18/07/2024 07:00

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RNS Number : 8456W  Avacta Group PLC  18 July 2024

 

 

 

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                                      Tel: +44 (0) 1904 21 7070

 Christina Coughlin, CEO                               www.avacta.com (http://www.avacta.com/)

 Michael Vinegrad, Group Communications Director

 Peel Hunt (Nomad and Broker)

 James Steel / Chris Golden / Patrick Birkholm         www.peelhunt.com (http://www.peelhunt.com)

 ICR Consilium

 Mary-Jane Elliott / Jessica Hodgson / Sukaina Virji   avacta@consilium-comms.com (mailto:avacta@consilium-comms.com)

 

 

 

About Avacta Group plc - www.avacta.com (http://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.

 

 

To register for news alerts by email go
to www.avacta.com/investor-news-email-alerts
(http://www.avacta.com/investor-news-email-alerts)

 

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