25th Jan 2016 10:36
LONDON (Alliance News) - Avacta Group PLC on Monday said it has appointed Philippe Cotrel, joining from Abcam PLC, as its chief commercial officer, as it also said revenue rose in its first half.
The biotechnology company said its revenue for the half year to end-January was GBP1.0 million, up from GBP700,000 a year before.
Avacta said it had made strong pre clinical research and development progress for its lead affimer drug candidates, and started affimer technology evaluations with thirteen large pharmaceutical and biotechnology companies.
"I am very pleased with progress in the period. It is good to see the number and quality of customers and partners that are evaluating the Affimer technology growing steadily as potential licensing and commercial relationships arising from these evaluations are key to maximising medium- and long-term value. We will continue to focus our resources on supporting these evaluation projects with partners who can deliver significant commercial opportunities in the longer term," said Chief Executive Officer Alastair Smith in a statement.
Cotrel joins Avacta from Abcam, which produces protein research tools and where he was commercial operations director. Avacta said Cotrel will lead its commercial strategy and business development activities, including the commercialisation of the affimer technology as both research reagents and biotherapeutics.
Shares in Avacta were trading flat at 1.17 pence Monday morning. Abcam shares were up 7.3% at 645.50p.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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