Avacta revenues on target

HEALTHCARE company Avacta Group, which recently announced a £4.7m fundraising to speed up development of new products, today said it was pleased with its trading performance for the year.

The AIM-listed Wetherby-based company, which provides innovative diagnostic tools, consumables and reagents aimed at reducing the cost of human and animal healthcare, said revenues for the year ended July 31 were on target at £2.7m.

In a pre-close trading update Avacta said: “The group was successful in raising £4.7m gross proceeds through a placing of new ordinary shares with both new and existing shareholders at a premium to the prevailing share price, to strengthen the balance sheet and support the group’s future development.”

The group also announced that Dr Trevor Nicholls, ex-chief commercial officer of Affymetrix, joined the board of Avacta as a non-executive director, bringing more than 30 years of commercial experience building international businesses in the life sciences sector.

Avacta expects to release its preliminary results on October 29.