Proposed REX Retail Offer

Avacta Group plc (AIM: AVCT), a life sciences company developing innovative, targeted oncology drugs and diagnostics, today announces its intention to raise funds by means of a proposed retail offer via the Retail Capital Markets 'REX' portal (the "REX Offer") of ordinary shares ("Ordinary Shares") of 10 pence each in the capital of the Company (the "REX Offer Shares"). The aggregate gross proceeds of the REX Offer shall not exceed £6.8 million.

In addition to the REX Offer, the Company is also conducting:

• a non-pre-emptive firm placing of new Ordinary Shares (the "Firm Placing") and a direct subscription by directors (the "Direct Subscription") of up to 27,520,485 new Ordinary Shares; and
• a conditional placing of new Ordinary Shares (the "Conditional Placing" and, together with the Firm Placing, the "Placing"). The Conditional Placing and the REX Offer are conditional upon (amongst other things) shareholder approval at a general meeting of the Company expected to take place on 18 March 2024 (the "General Meeting") as detailed in the Company's separate announcement made earlier today.

The price of the REX Offer Shares is 50 pence per REX Offer Share (the "Offer Price"), which is the same issue price as for the Firm Placing, the Conditional Placing and the Direct Subscription. The Offer Price represents a 34.0 per cent. discount to the middle-market closing price of the Ordinary Shares on 27 February 2024 (being the last business day prior to the announcement of the Placing, the Direct Subscription and the REX Offer).

For the avoidance of doubt, the REX Offer is not part of the Placing or the Direct Subscription.

The REX Offer is conditional upon, among other things:

• completion of the Firm Placing, the Direct Subscription and the Conditional Placing;
• approval by the Company's shareholders of a resolution to grant the directors of the Company the requisite authority and power to allot the Conditional Placing Shares and the REX Offer Shares, which is to be proposed at a general meeting of the Company expected to be convened on 18 March 2024;
• the REX Offer Shares being admitted to trading on AIM, the market of that name operated by London Stock Exchange plc ("Admission"). Admission is expected to take place at or around 8.00 a.m. on 19 March 2024.

REX Offer

The Company values its retail shareholder base and believes that it is appropriate to provide retail investors in the United Kingdom the opportunity to participate in the current fundraising.

Investors should contact their broker or wealth manager to participate in the REX Offer.

The REX Offer is expected to close at or around 11:00 a.m. on 4 March 2024. Eligible investors should note that financial intermediaries may have earlier closing times.

• AJ Bell
• Hargreaves Lansdown
• interactive investor

To be eligible to participate in the REX Offer, applicants must be a customer of a participating intermediary, which may include individuals aged 18 years or over, companies and other bodies corporate, partnerships, trusts, associations and other unincorporated organisations.

There is a minimum subscription of £50 per investor. The terms and conditions on which investors subscribe will be provided by the relevant financial intermediaries, including relevant commission or fee charges.

The Company reserves the right in its absolute and sole discretion to: (i) scale back any order under the REX Offer; and (ii) reject any application for subscription under the REX Offer without giving any reason for such rejection.

It is a term of the REX Offer that the aggregate total value of the REX Offer Shares allotted and issued pursuant to the REX Offer does not exceed £6.8 million.