LONDON (Alliance News) - Avacta Group PLC on Tuesday said its loss widened in its recently-ended financial year on higher costs, as it continues to progress Affimer.
The reagents developer said its pretax loss widened to GBP10.4 million in the year to the end of July from GBP7.9 million reported the year before, due to a rise in operating costs.
Research & development expenses came in higher year-on-year at GBP3.8 million compared to GBP2.6 million, while administrative costs grew to GBP8.5 million from GBP7.2 million.
The company associated the rise in expenses with expansion of its team and the in-house Affimer reagents and diagnostics programmes.
Meanwhile, revenue rose slightly to GBP2.8 million from GBP2.7 million the year prior.
Looking ahead, the company said it intends to focus on multiple licensing opportunities for reagents in pharma, biotech, diagnostic and research markets.
"We are very pleased with the significant operational progress made over the past year which firmly underpins our progress towards key near term commercial and clinical milestones which represent major value inflection points for the Affimer platform and the group," said Chief Executive Alastair Smith.
Avacta shares were trading 4.0% lower on Tuesday at 24.00 pence each.
Avacta Group (AVCT)