Avacta Group plc (AIM: AVCT), a life sciences company developing innovative, targeted oncology drugs and powerful diagnostics, notes the recent market speculation regarding possible fundraising.
The Company regularly considers potential funding opportunities, both non-dilutive and dilutive, to ensure its business operations remain well financed and the best interests of its stakeholders are maintained. 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 £27 million on its balance sheet as at 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.
