Avacta has announced a £22m gross placing of up to 1.76bn new shares to invest in the development of therapeutic applications of its Affimer platform. The company has demonstrated that Affimers have many characteristics required of a biotherapeutic platform, in addition to ongoing exploitation as research reagents. The proceeds are earmarked to accelerate development of the most promising Affimer candidates and to rehouse the growing therapeutics team. Our valuation and FY16 financial forecasts are under review pending confirmation of the placing in August.