‘Pivotal’ win for Avacta
UNIVERSITY spin-out company Avacta Group today revealed it had received the first order for its flagship product and described the win as “a significant and pivotal step”.
Avacta said the deal with the unnamed “global pharmaceutical developer” proved “validation” for its Optim product and also demonstrated its demand.
Optim is a bench top instrument that York-based Leeds University spin-out Avacta says provides drug developers with information at the early stages of development.
It is aimed to reduce risk in biopharmaceutical development and help drug companies bring products to market quicker and at lower cost.
Avacta, which provides innovative technologies and services to the pharmaceutical and diagnostics markets, said Optim filled a “significant gap” in the market because it provided detailed analysis using only very small sample volumes, thus eliminating the chances of failure at later stages of drug development.
Avacta said although Optim could cost up to £100,000, it could deliver results faster and cheaper than other methods and was therefore a sound investment.
The company said it had developed a number of software “add-ons” for Optim that it was aiming to bring to market shortly.
Alastair Smith, Avacta’s chief executive, said: “Optim is designed to revolutionise the way in which biological drugs are developed.
“I am delighted to announce to the market that we have converted the first order from a strong pipeline and that the very positive response we have received from our discussions with potential customers gives us confidence in future sales levels.
“We will continue to work hard towards building a strong, profitable group focused on providing high value products and services to support businesses in the Life Sciences sector through commercialisation of our own technology and potentially through further acquisitions.”
Avacta has completed a number of acquisitions, including YorkTest Veterinary Services – now called Avacta Animal Health – and Oxford Medical Diagnostics.
