U.K-based biotechnology company Avacta Group Plc raised £11.6 million via a placement of shares.

The company offered 38,952,724 placing shares and 7,520,000 subscription shares to new and existing investors at an offering price of 25 pence per share.

The offering price represented a discount of about 19% to the average 30-day closing price of 30 pence per share on 27 July.

FinnCap is acting as nominated adviser and joint broker along with WG Partners and Turner Pope, which are also acting as joint brokers in connection with the placing.

Eliot Forster, Alastair Smith, Alan Aubrey and Trevor Nicholls, directors of the company, confirmed their subscriptions for a total of 280,000 new ordinary shares on the same terms as the placing, raising gross proceeds of £70,000.

Avacta Group operates through two segments, life sciences and animal health, and offers reagents and therapeutics based on Affimer technology for diagnostic and research applications in the U.K.