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Wednesday 25th of April 2012

Avacta Group plc Interim Results

By Aim Listing

Avacta Group plc, a leading healthcare technology, reagents and consumables company providing proprietary analytical and diagnostics solutions to the life sciences/healthcare sector, is pleased to announce its interim results for the period ended 31 January 2012.

Highlights

· 

Revenue increased by 72% to £1.72 million (2011: £1.00 million)

· 

Reduction in operating loss before amortisation and share based payment charges to £0.39 million (2011: £0.54 million)

· 

Loss per share improved to 0.02 pence (2011: 0.03 pence)

· 

Strong balance sheet with £5.81 million cash

· 

Acquisition of non-antibody affinity reagent platform to extend protein analysis tools offering into drug and biomarker discovery area and to provide proprietary reagents for core diagnostics business

· 

Raised £4.87 million to fully fund the Group to accelerate growth through investment in AX.1 test menu, new technology products and the new affinity reagents platform

· 

Optim units ahead of target at the half year with 13 units shipped and installed base increased to 27

· 

Partnership agreement with Pall extended to cover Optim sales and support in South East Asia and analytical services in North America

· 

First AX.1 despatches anticipated during H2 2012

 

Alastair Smith, Chief Executive Officer, commented:

"Avacta is in its strongest ever position with two core businesses making good progress during the period. The business is fully funded and capable of exploiting substantial intellectual property in its own pipeline of technology and tests, and in the recently acquired Affimer reagent platform.

I am delighted that the Group is nearing the point of shipping the first AX.1 units. Despite some manufacture-related delays, the product is nearing market readiness and the test menu will be expanded as rapidly as possible.

The addition of a proprietary affinity reagents platform to the business will allow Avacta to extend its protein analysis tools into the drug and biomarker discovery area.  The Group's vision is to provide drug developers with proteomic tools that will follow drugs through development and eventually provide the companion diagnostics of the future.  The potential for growth in Avacta is enormous."

Further details about AVACTA click here