REG - Avacta Group PLC - Statement regarding market speculation

AvactaAnnouncement

19/06/2023 07:00

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RNS Number : 1168D  Avacta Group PLC  19 June 2023

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.

 

 

19 June 2023

 

Avacta Group plc

 

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

 

Statement regarding market speculation

 

Avacta Group plc (AIM: AVCT), a life sciences company developing innovative,
targeted oncology drugs and powerful diagnostics, notes the recent market
speculation regarding a possible fundraising.

 

The Company regularly considers potential funding opportunities, both
non-dilutive and dilutive, to ensure its business operations remain well
financed and the best interests of its stakeholders are maintained. While this
includes maintaining a dialogue with both current shareholders and other
potential investors, no fundraising is imminent.

 

Avacta has a strong cash balance of £27 million on its balance sheet as at 31
May (unaudited) and anticipates strong news flow in the coming months from
across the Group. The Therapeutics division of the Company continues to make
good progress in the Phase 1 clinical trial of AVA6000, its lead
pre|CISION(TM) targeted chemotherapy, having initiated dosing in the fifth
cohort in April and its Diagnostics division recently completed the second
acquisition of its buy and build strategy.

 

 

 

-Ends-

 

 

For further information from Avacta Group plc, please contact:

 

 Avacta Group plc                                                                Tel: +44 (0) 1904 21 7070

 Alastair Smith, Chief Executive Officer                                         www.avacta.com (http://www.avacta.com)

 Tony Gardiner, Chief Financial Officer

 Michael Vinegrad, Group Communications Director
 Stifel Nicolaus Europe Limited (Nomad and Broker)

 Nicholas Moore / Nick Adams / Samira Essebiyea / Nick Harland / Dhiren Suares   Tel: +44 (0) 207 710 7600
 / William Palmer-Brown

                                                                               www.stifel.com (http://www.stifel.com/)

 FTI Consulting (Financial Media and IR)

 Simon Conway / Alex Shaw                                                        Tel: +44(0) 203 727 1000

                                                                                 Avacta.LS@fticonsulting.com (mailto:Avacta.LS@fticonsulting.com)
 Zyme Communications (Trade and Regional Media)                                  Tel: +44 (0)7891 477 378

 Lily Jeffery                                                                    lily.jeffery@zymecommunications.com

                                                                               (mailto:katie.odgaard@zymecommunications.com)

 

 

About Avacta Group plc - https://www.avacta.com (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(®) immunotherapies and
pre|CISION™ 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™ 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(®) 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™ 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™ 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(®) platform to differentiate immunodiagnostic products to
provide marketing leading performance.

 

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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