Biopharmaceutical company Avacta Group has raised \u00a316m to accelerate the next phase of its oncology research and development.<\/p>\n
The oversubscribed placing, comprising 25,396,806 new ordinary shares at an issue price of 63 pence per share, drew strong support from institutional and high net worth investors.<\/p>\n
The funds will provide additional working capital to progress Wetherby-based Avacta\u2019s expanding R&D pipeline into the second half of 2026, including advancement of the faridoxorubicin (AVA6000) Phase 1b trial and initiation of the FAP-EXd (AVA6103) Phase Ia trial, pending regulatory approval.<\/p>\n
Completion of the raise also satisfies the final conditions tied to amendments to Avacta\u2019s Convertible Bond terms, allowing the company to make the quarterly repayment and interest due today in cash. Under the amended terms, repayments and interest due in January and April 2026 will be deferred until October 2027, and the conversion price has been reset to 75.0 pence from the previous 88.72 pence.<\/p>\n
Chief executive Christina Coughlin said the decision to raise capital positions Avacta for long-term success while maintaining full ownership of its proprietary assets. \u201cThis raise extends our cash runway into the second half of 2026, allowing us to advance our programs without diluting strategic control,\u201d<\/p>\n
\u00a0\u201cIt also fulfills the requirements of the convertible loan deferment, strengthening our balance sheet and operational flexibility.\u201d<\/p>\n
Coughlin added that Avacta continues to make significant progress across its pipeline. Data presented this weekend at the European Society for Medical Oncology (ESMO) showed a 91% disease control rate in patients treated with AVA6000, underscoring the potential of the company\u2019s pre|CISION\u00ae platform to transform chemotherapy delivery.<\/p>\n
She added\u201d \u201cFAP-EXd is on track to enter the clinic in early 2026 and our dual payload technology continues to generate strong interest from potential partners.\u201d<\/p>\n
With its strengthened financial foundation, Avacta remains focused on advancing its innovative therapies and delivering long-term value to both patients and shareholders.\u201d<\/p>\n
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The funds will provide additional working capital to progress Avacta\u2019s expanding R&D pipeline into the second half of 2026<\/p>\n","protected":false},"author":271992,"featured_media":2072597,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[137107],"coauthors":[137100],"class_list":["post-2145274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pharmaceutical","tag-featured-story","tag-yorkshire"],"yoast_head":"\n