Proceeds slated for improving infrastructure, manufacturing processes
By Susanna Moon
Chicago, Jan. 12 - Avacta Group plc said it raised £1.95 million from a conditional placing of common shares at a price of 1.05p each through XCAP Securities plc.
The sale price represents a 17.32% discount to the company's closing price of 1.27p on Jan. 11.
IP Group plc will subscribe for 46,647,619 shares through IP2IPO Ltd., bringing the company's stake to 25.14%.
Proceeds will be used to support Avacta's continuing progress in providing products and services to support the biopharmaceutical and healthcare sectors.
The funds will support commercialization of new analytical and diagnostics products through improvements in infrastructure and manufacturing processes and through the enhancement of the company's commercial teams.
The placement requires approval by shareholders at a meeting on Jan. 21.
Avacta, based in York, England, is a biophysics company that provides innovative high value technologies and services to the pharmaceutical and diagnostics markets.
| Issuer: | Avacta Group plc
|
| Issue: | Stock
|
| Amount: | £1.95 million
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| Price: | 1.05p
|
| Agent: | XCAP Securities plc
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| Investor: | IP Group plc for 46,647,619 shares
|
| Pricing date: | Jan. 12
|
| Stock symbol: | London: AVCT
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| Stock price: | 1.27p at close Jan. 11
|
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