City briefs: Avacta and Benchmark holdings
Wetherby-based life sciences business business, Avacta Group has announced a new share subscription to raise £2m.
The funds will be used to enter the clinic with its first preCISION chemotherapy programme, secure further significant drug development partnerships that help progress the Company’s technology platforms, and to continue to grow revenues and secure licensing partnerships for Affimer® diagnostics reagents.
The board believe it “prudent to take on a small amount of additional equity capital at this time to ensure that it is in a strong position to exploit progress after the coronavirus pandemic is over.”
AIM-listed biotech firm Benchmark Holdings has said it’s too early to assess the level of impact the Covid-19 pandemic will have on its financial year ending 30 September.
However the Sheffield-based firm has highlighted its strong liquidity position with c.£63.6 million cash and undrawn facilities. It reported that the sustainable global food production sector in which it operates is experiencing short term challenges from Covid-19. While its advanced nutrition division is expected to be significantly impacted by the pandemic.
Peter George, Executive Chairman, commented: “During these difficult times, the Group’s key priority is to protect our employees and customers’ interests whilst at the same time ensuring our financial position remains resilient. We operate in the essential sustainable global food production sector which, while experiencing short term challenges from Covid-19, continues to have strong fundamentals. We remain confident in our strategy for the business for the long term.”