LONDON (Alliance News) - Avacta Group PLC on Monday said it has formed a collaborative partnership with specialist diagnostic development company Mologic Ltd, to develop diagnostic tests for point-of-care testing.
Establishing commercial relationships in the point-of-care testing market is one of the its key strategic objectives, Avacta said.
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.
Under the partnership, Mologic will use Avacta's Affimer technology to develop novel diagnostic assays and, subsequently, develop new lateral flow devices as point-of-care diagnostics for human healthcare. These are devices that show test results through the appearance of coloured bars on a test strip, which can be conducted at the site and time of a patient's care, for example in a doctor's surgery.
Both companies will share in the future revenue from the commercialisation of the marketed diagnostics, Avacta said.
Shares in Avacta were untraded on Monday, having last traded at 106.00 pence.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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Avacta Group (AVCT)