Avacta Group Share News (AVCT)

(Sharecast News) - Avacta said its Covid-19 antigen test had reached prototype stage and could detect the virus in model samples.
The biotherapeutics company said a prototype assay of the test using its Affirmer reagents could detect the virus at concentrations in the range found in patient samples from standard throat swabs. The assay, developed with its US partner Adeptrix, had a "very high degree specificity".

The next step is to evaluate and optimise the assay using patient samples at laboratories in the US and UK. These will be carried out imminently before moving to manufacturing with clinical approval for professional use in the summer, Avacta said.

Alastair Smith, chief executive of Avacta, said: "I am very pleased with the rapid progress made by our partners at Adeptrix and delighted that the Affimer reagents that we have developed to detect the SARS-COV-2 spike protein are working very well in the BAMS assay.

"We are now looking forward to testing the prototype BAMS assay with patient samples in the UK very soon, whilst Adeptrix does the same at a site in the US. This will keep us on track for launch of a product for professional use in the summer."

Smith said Avacta was continuing to make very good progress on a saliva-based antigen test and that he would update the market soon on development of both products.

Avacta shares fell 9.4% to 129p at 10:14 BST. The shares have soared from 22p at the start of March as expectations have risen about the prospects for the company developing a Covid-19 test.

The AIM-traded company raised £48m on 4 June in a share placing to invest in faster development of Covid-19 tests and cancer therapies. The new shares are due to start trading on 10 June.