Avacta Group Share News (AVCT)

LONDON (Alliance News) - Avacta Group PLC on Monday said it has made good progress on several of its programmes since raising GBP21 million last August, and reported a widened pretax loss for the first half of its financial year.

Avacta provides research reagents, consumables and equipment for the life sciences and animal care markets, as well as developing medicines based on its Affimer therapeutic protein platform.

Avacta reported a pretax loss of GBP2.0 million for the half year to end-January, widened from a pretax loss of GBP1.6 million in the previous year, mostly as a result of higher administrative costs which offset a rise in revenue to GBP1.1 million from GBP725,000.

The company raised GBP21 million last August, and since then has applied the proceeds to the development of its Affimer technology, with an objective of progressing its first therapeutic into the clinic as soon as possible. It expects to do so within three years.

It had made good progress on several programmes, it said, and has started evaluations of its Affimer technology with 13 large pharmaceutical and biotechnology companies.

"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," said Chief Executive Officer Alastair Smith in a statement.

"We are in a strong position having laid the technical and commercial foundations and we are well funded to deliver on our strategies," Smith said.

Shares in Avacta were down 0.2% at 111.75 pence Monday morning.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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