Avacta showing ‘enormous’ growth potential
DIAGNOSTICS technology firm Avacta is in its strongest position since launch, according to chief executive Alastair Smith.
The University of Leeds spinout today revealed it had increased half-year revenues by 72% to £1.72m over the period to January 31 2012.
The AIM-listed group, based in Wetherby, saw operating losses before amortisation and share based payment charges fall to £390,000 from £540,000 over the same period last year.
Mr Smith said: “Avacta is in its strongest ever position with two core businesses making good progress during the period.
“The business is fully funded and capable of exploiting substantial intellectual property in its own pipeline of technology and tests, and in the recently acquired Affimer reagent platform.”
Mr Smith expressed his delight at Avacta, which is a supplier of analytical instruments to both the human and animal healthcare sectors, being close to shipping the first of its AX.1 test range units.
He added: “The group’s vision is to provide drug developers with proteomic tools that will follow drugs through development and eventually provide the companion diagnostics of the future. The potential for growth in Avacta is enormous.”
Activity over the period included the raising of £4.87m to help accelerate growth and the shipment of a batch of the company’s flagship Optim products.
