Avacta Therapeutics (AIM:AVCT) (AIM: AVCT) said it proposes an accelerated bookbuild placing of approximately 15,000,000 new ordinary shares together with a subscription for 873,016 new ordinary shares at an issue price of 63 pence each to raise gross proceeds of approximately £10 million.
The company said the proceeds will fund its clinical programmes and provide "a cash runway intoearlyQ1 2027"; the filing adds the raise is intended to support AVA6103 as it moves into clinical dosing imminently, progress the Phase 1b expansion cohorts of faridoxorubicin (AVA6000) and deliver additional data in 1H 2026 and preliminary results from AVA6103 in H2 2026.
The Issue Price of 63p represents a discount of approximately 9.35% to the closing mid-market price of 69.5p on 25 March 2026, the filing said. Zeus Capital Limited is acting as sole broker and sole bookrunner; the placing (which is not underwritten) is expected to raise approximately £9.45 million before fees and will attract a commission of 5.0% of the capital raised—approximately £472,500—which the company treats as a related party payment.
Two non-executive directors intend to participate: Richard Hughes for 793,651 shares (c.£500,000) and David Bryant for 79,365 shares (c.£50,000), the filing said. The company disclosed that Richard Hughes is an associate of Zeus Capital (being a director and majority shareholder), and that Zeus Capital is expected to be issued a warrant to subscribe for 1.0% of the issued share capital at the Issue Price, exercisable for five years and subject to a 12-month disposal undertaking.
