Revenues rise at Avacta
REVENUES at Avacta grew by 18% to £3.2m it announced this morning.
In a trading update for the year ended July 31 2014. the Wetherby-based business, which provides innovative diagnostic tools, consumables and reagents aimed at reducing the cost of human and animal healthcare, also announced that EBITDA before non-recurring items is anticipated to be in line with market expectations.
In May, the group was successful in raising £10.2m gross proceeds through a placing of new ordinary shares with both new and existing shareholders to strengthen the balance sheet and support the group’s future development, specifically in the development and commercialisation of Affimers, Avacta’s proprietary antibody replacement technology.
Avacta has also announced a number of new appointments. Craig Slater has joined as chief operating officer and Dr Michael Albin and Dr Trevor Nicholls as non-executive directors.
The group will publish its preliminary results in October.
