16th Oct 2014 07:53
LONDON (Alliance News) - Avacta Group PLC Thursday said that whilst it was "very early days" in the commercialisation of its newly launched Affimer catalogue, "indications are positive" and it expects progress in the current year, as it posted a slightly widened pretax loss.
The life sciences company posted a pretax loss of GBP2.0 million in the year to end-July, slightly widened from a loss of GBP1.9 million a year before, despite seeing revenue rise to GBP3.2 million from GBP2.7 million, as this was offset by higher administrative expenses, and non-recurring costs.
During the year, Avacta said it was ramping up for the release of its catalogue of Affimers, an engineered alternative to antibodies derived from an affinity reagent platform technology it acquired in 2012. It has established a new business, Avacta Life Sciences, to commercialise these Affimers.
During the year the business saw revenue of GBP30,000 from two contracts for Affimer reagents customer service. The Online Affimer catalogue was launched following the year end.
Revenue in its Avacta Animal Health business were up to GBP1.6 million from GBP1.5 million, and Avacta Analytical saw revenue of GBP1.6 million, up from GBP1.2 million.
Gross margins improved to 64% from 56% as Avacta shifted its product mix towards higher-margin direct sales of its Optim analytical instrument.
Avacta said it was performing in line with market expectations in the current year to date.
"It is very early days in the commercialisation of Affimers, but I am pleased to say that all indications are positive and, having put in place an outstanding and experienced commercial team, I am looking forward to reporting on progress during the coming financial year," said Chief Executive Alastair Smith in a statement.
Shares in Avacta are trading up 4.1% at 0.755 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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