Walker Morris advises on Avacta’s share placing to raise £22 millionPrint news article
Specialist lawyers at Walker Morris have advised Avacta Group plc, the global provider of proprietary diagnostic tools, consumables and reagents for life sciences, on a placing to raise gross proceeds of £22 million.
Avacta will raise the funds by way of a placing of new Ordinary Shares with both new and existing institutions shareholders at a price of 1.25 pence per Ordinary Share.
Alastair Smith, Chief Executive of Avacta, commented:
“We have made excellent progress in demonstrating the potential of the Affimer technology as a bio-therapeutic platform to rival antibodies. We believe our proprietary Affimer technology has significant competitive advantages that address the limitations of antibodies and other non-antibody protein scaffolds which suggests that they have the potential to become a leading alternative bio-therapeutic platform. This fundraising will allow us to resource the development of Affimers as therapeutics, in addition to the ongoing development and commercialisation of Affimers as research reagents, and we thank our existing investors for their continuing support and welcome a number of new investors.”
Richard Naish from the Corporate Department at Walker Morris provided legal advice to Avacta.
Richard Naish, Corporate Partner commented:
“Avacta is a long-standing client of Walker Morris and we’ve worked with them on a number of key developments over the years, including on equity fundraising, M&A and other matters. This fundraising will provide investment for infrastructure and in-house development programmes as part of its strategy, amongst other things, to develop a pipeline of Affimer assets.”
“The Placing is the fifth public market transaction we have advised on in three months and is further demonstration of our specialist expertise in this area.”