‘Transformative’ six months for biotech business
Wetherby-based biotech business Avacta has seen its revenues increase to £2.3m (6 months to 30 June 2020: £1.8m; year ended 31 December 2020: £3.6m) in its interim results for the period ended 30 June 2021.
The company recorded a pre-tax loss of £11.4m (H1 2020: £8.1m) and had cash and short-term deposits of £37m (30 June 2020: £54.5m; 31 December 2020: £47.9m).
Within this period, tests of Avacta’s AffiDX® SARS-CoV-2 antigen lateral flow test for COVID-19 were shown to detect the Delta variant of the virus in clinical samples and to outperform two lateral flow antigen tests that are widely commercially available in Europe.
The test has also been shown to accurately detect the Alpha, Beta and Gamma variants in an earlier study.
Product registration has been received, in both the UK and EU, for the professional use of this lateral flow test.
Avacta, which develops cancer therapies and powerful diagnostics based on its proprietary Affimer® and pre|CISION™ platforms, adds it entered multiple collaborations and commercial partnerships during and shortly after the period.
Dr Alastair Smith, chief executive, said: “It has been a period of very significant progress for the Group and a transformative one for both the Diagnostics and Therapeutics Divisions.
“The progress made during the reporting period has been extraordinary, as indeed it has been over the last 18 months, under very challenging circumstances for staff with regards to restrictions on working conditions and the effects of the pandemic on our lives outside work.
“The progress that has been made is a reflection of the commitment and skills of our exceptional staff.
“Significant value inflection points lie ahead of us with the potential to transform cancer therapy with the next generation of safer preCISION™ chemotherapies and Affimer immunotherapies, and with the opportunity to generate significant profitable revenues from the market leading AffiDX® SARS-CoV-2 antigen lateral flow test and future AffiDX® in-vitro diagnostic products.
“We are confident and excited about the immediate and long-term future for the Group.”
