Avacta Group announced a £9 million funding, with a conditional placing priced at 70p per share, with the aim of bolstering its finances including the cash repayment of deferred convertible bond instalments.
By issuing equity at 70p per share, rather than via debt-for-equity conversion in the prior agreements, it is reduces potential share-based dilution.
One institutional cornerstone investor providing the majority of the funds, Avacta noted.
"This placing enables Avacta to retain the value of our equity while further reinforcing our financial position by reducing the outstanding debt in the convertible bond," said chief executive Christina Coughlin.
