“Transformational” year for Avacta

WETHERBY life sciences group Avacta has said this year has been “transformational” as it focuses on getting its antibody alternative to the wider market.

Hanging its hat on the Affirmer product, which the firm says is a “superior alternative to antibodies,” and is not tested on animals, Avacta is aiming to crack the $50bn antibodies market.

A partnership with Moderna Therapeutics has allowed Avacta to raise £21m in August this year to support in-house drug development.

For the year to 31 July, group revenues reached £1.81m, up from the restated £1.62m revenues of 2014, following disposal of Optim product to US acquirer.

Avacta reported a £4.89m loss after tax, an increase on last year’s £1.47m loss due to ongoing development of their product.

The firm has also appointed Dr Mike Owen as non-executive director, who was previously global head of Biopharmaceuticals Research at GlaxoSmithKline.

Alastair Smith, chief executive officer, commented: “The Board believes that the Affimer technology has enormous potential both as a source of novel biotherapeutics and research reagents.

“These molecules possess innate attributes that suggest they could be superior alternatives to antibodies. Our strategic mission is to realise this potential and take a meaningful share of a very large and growing market and we have made important progress towards this goal in the last financial year.

“The strategic deal with Moderna Therapeutics in large part underpinned the rationale for our subsequent significant fundraise, completed during August, which has allowed the Company to expand significantly its in-house Affirmer therapeutics development programme.

“These monies should allow us, amongst other objectives, to deliver at least one Affimer drug candidate in to the clinic in the next few years.”