Avacta Group has raised £10 million through an oversubscribed placing and subscription, issuing 15.87 million new shares at 63p, a discount of approximately 9.4% to the previous closing price.
The raise follows a £16 million fundraising in October, also completed at 63p, and reflects continued investor support for the company’s proprietary drug delivery platform. Zeus Capital acted as sole broker and bookrunner, while directors subscribed for just under 874,000 shares, equivalent to around 3.6% of the existing share base.
Funding to drive clinical progress
The proceeds are intended to fund Avacta’s research and development programmes through to early Q1 2027, with a clear focus on advancing its proprietary pre|CISION® platform.
A key priority is AVA6103 (FAP-Exd), the company’s second clinical programme. Dosing is expected to begin shortly, marking an important step forward. The programme is built around a peptide drug conjugate using exatecan, a potent chemotherapy agent.
The funding runway is designed to take Avacta beyond a key Phase 1a data readout in late 2026, which management sees as a critical milestone for potential commercial partnerships.
Broader pipeline advancing
Alongside AVA6103, Avacta continues to progress AVA6000 (faridoxorubicin), with Phase 1b expansion cohorts underway across:
- Salivary gland cancer
- Triple negative breast cancer
- Soft tissue sarcoma
Additional data from both Phase 1a and 1b trials is expected in the first half of this year.
Chief executive Christina Coughlin said the fundraising allows Avacta to retain full ownership of its pipeline, while extending its financial runway into early 2027.
She emphasised that the decision reflects confidence in the long-term value of the company’s pre|CISION® platform, describing the move as being firmly in the best interests of shareholders.
Coughlin added that clinical sites are now open for the Phase 1 trial of AVA6103, with the new funding providing the resources needed to reach initial data readouts in the second half of 2026, alongside other key development milestones expected through late 2026 and early 2027.
