NEW YORK (GenomeWeb) – Biotech firm Avacta Group said this week that it has raised £10.1 million ($17 million) from a placing of 918,181,820 new ordinary shares with institutional shareholders at a price of 1.1 pence per share.

Additionally, the company has granted an option to underwriter Numis Securities that requires it to issue up to an additional 218,181,818 new shares to meet additional demand should Numis accept additional requests to purchase shares.

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