Life sciences business says no fundraising imminent despite speculation
Wetherby-based life sciences company Avacta Group has today said it has no immediate plans to conduct a fundraising.
Reacting this morning to market speculation the company explains it regularly considers potential funding opportunities to ensure its business operations remain well financed and the best interests of its stakeholders are maintained.
But its spokesman added: “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 £27m as of 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|CISIONTM 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.”
The business has also confirmed that Shaun Chilton has today joined its Board as a non-executive director.
He was most recently chief executive officer of the formerly London-listed Clinigen Group plc, a global pharmaceutical and pharmaceutical services platform business, which he led through significant growth.
This company was eventually sold to Triton Partners for around £1.3bn in April 2022.
Alongside his role as the CEO of Clinigen, he was non-executive chairman of C7Health, a venture capital-backed medical technology and services business which executed an acquisitive growth journey before being acquired by a strategic buyer in 2022.
Chilton has held a number of senior and executive commercial positions over more than 30 years in companies in pharmaceutical and pharmaceutical services industries.
Dr Eliot Forster, chairman of the Board of Avacta, said: “Shaun brings a wide range of highly relevant commercial experiences from successful healthcare businesses with similar ambitions for growth that we have in Avacta.
“I know Shaun will positively impact our shared thinking and I’m excited to have him join the company.”
Dr Alastair Smith, chief executive, said: “Shaun brings deep and extensive commercial experience to further strengthen the senior leadership of the group as it executes its strategy across two divisions to build a major global healthcare business working to improve people’s health and well-being through innovative oncology drugs and powerful diagnostics.”
Chilton added: “Avacta Group is building a high value, global business that is seeking to significantly improve people’s health and well-being.
“I am excited to leverage my own broad experience of growing healthcare businesses and working with the other members of the Board to help guide Avacta to meet its very significant potential.”
