"Transformational progress" for AIM-listed life sciences business

AIM-LISTED healthcare business Avacta is in a “strong position” to move forward with its antibody products.

The life sciences business reported half year revenue of £1.0m up from £700,000 in the same six months to 31 January 2015

Loss before tax widened to £2.0m from £1.58m in the same six-month period as the business continued to invest in commercial and operational foundations for the business.

Senior management was boosted during the half year with the appointment of chief financial officer Tony Gardiner, Dr Mike Owen and Dr Philippe Cotrel during the year.

In August 2015 the business raised £21m in a share placing, allowing it to develop its Affirmer biotherapeutics and has also developed a strong relationship with Leeds General Infirmary.

Alastair Smith, chief executive officer, commented: “We have seen solid performance in all areas of Affimer technology development during the period, continuing the transformational progress made in 2015 following the fund raise in August.

“We are in a strong position having laid the technical and commercial foundations and we are well funded to deliver on our strategies. I look forward to keeping the market updated on our progress.”