Avacta targets diagnostics market
MEDICAL technology firm Avacta is targeting markets worth more than £11bn with a new blood testing device launched today.
The York-based firm this morning announced it was now marketing AX-1, a system that can detect a range of diseases from blood tests taken in a GP surgery or vet clinic.
Avacta expects to see the first units shipped to customers early in the New Year.
Avacta chief executive Alastair Smith said: “We believe that AX-1 presents a world leading solution to the fast growing market of point of care testing.
“Our focus in the near term will be on expanding the menu of tests available to run on the AX-1 for the veterinary market, but there is also a much bigger opportunity for the AX-1 to address by further developing the product to deliver multiplexed testing and diagnostics for the human market.
“With momentum also gathering in the sales process for Avacta Group’s Optim product, we are now strongly placed to deliver on our plans and I look forward to updating the market again in due course.”
Earlier this month the company said it had cut pre-tax losses to £2.03m and enjoyed revenue growth of 120% for the year to the end of July.
