European law firm Fieldfisher has advised finnCap and Zeus Capital, in their capacities as joint brokers to AIM-listed Avacta Group plc, a leading life sciences company, on its heavily oversubscribed £48 million fundraising to develop a saliva-based rapid antigen COVID-19 test.

Fieldfisher's Band-1 ranked equity capital markets team has recently advised finnCap and Zeus Capital on Avacta's fundraising to develop the COVID-19 testing opportunity, with hopes to make this test available for consumers to self-test and also to businesses for workforce testing. Part of the funds will also be used for the rapid acceleration and expansion of Avacta's pipeline of differentiated cancer therapies.
Based in Cambridge, Avacta is a leading biotechnology business, which has developed proprietary biotherapeutics and reagents for use in diagnostics, bioprocessing and research, in addition to developing novel cancer immunotherapies.
Commenting on the fundraising, Brad Isaac, partner at Fieldfisher, said:
"I am delighted to have been involved in this critical fundraising for Avacta. The funds raised will be instrumental in opening up access to testing for COVID-19 and also the development of cancer therapies.
Despite lockdown and lack of physical investor road shows, capital market investment in the life sciences industry continues to soar and Fieldfisher's ECM team continue to work with great clients.
I look forward to hearing in the coming months about Avacta's development and use of the funds raised.
About Fieldfisher's Equity Capital Markets Team
Fieldfisher's leading equity capital markets team is one of only four firms in the UK to be ranked Band 1 in Chambers & Partners for Equity Capital Markets (AIM). In 2019, we were the number 1 legal adviser on AIM by deal volume.
The team is based across Europe and we act for over 50 companies on the Official List, AIM, Euronext Growth, and Acquis Exchange markets as well as a wide range of investment banks, brokers, sponsors and nominated advisers.