Avacta Group plc (AIM: AVCT), the developer of Affimer® biotherapeutics and reagents, today announces that following the exercise of share options by a founder shareholder in an historic acquisition it has issued and allotted 201,652 new ordinary shares of 10 pence each in the Company ("Ordinary Shares").
Application has been made for the Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence on 30 April 2019. The Ordinary Shares will rank pari passu with the existing Ordinary Shares of the Company.
Following Admission, the Company's enlarged issued share capital will be 116,158,123. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
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Avacta's principal focus is on its proprietary Affimer® technology which is a novel engineered alternative to antibodies that has wide application in Life Sciences for diagnostics, therapeutics and general research and development.
Antibodies dominate markets worth in excess of $100bn despite their shortcomings. Affimer® technology has been designed to address many of these negative performance issues, principally; the time taken to generate new antibodies, the reliance on an animal's immune response, poor specificity in many cases, and batch to batch variability. Affimer® technology is based on a small protein that can be quickly generated to bind with high specificity and affinity to a wide range of protein targets.
Avacta has a pre-clinical biotech development programme with an in-house focus on immuno-oncology as well as partnered development programmes. Avacta is commercialising non-therapeutic Affimer® reagents through licensing to developers of life sciences research tools and diagnostics.
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