Avacta seeks £12.5m as cash runway comes under pressure

Avacta Therapeutics is seeking to raise at least £12.5m from investors as the Yorkshire life sciences group looks to shore up its balance sheet and extend its cash runway into the second quarter of next year.

The AIM-listed oncology specialist has launched an accelerated placing at 68p a share, a 5.6 per cent discount to its last traded price, before its shares were suspended last week under a voluntary capital access window.

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