Avacta Group PLC (AIM:AVCT), the cancer drug developer and diagnostics company, saw its shares rise by 15% after announcing it will settle the upcoming July quarterly amortisation payment of its unsecured convertible bonds in cash.
This payment includes £2.55 million in principal and £0.58 million in interest. This reduces the principal remaining to £33.15 million.
Avacta said it remains on track to meet its corporate objectives for the second half, including updating clinical data for the AVA6000 programme, initiating enrolment in expansion cohorts for the AVA6000 phase I trial, and disclosing its updated pipeline.
The stock rose 9.75p to 74.75p.