Avacta Groupwww.avacta.com TICKER: AVCT EXCHANGE: AIM
Avacta is a UK-based provider of analytical services and innovative biopharmaceutical laboratory instrument platforms and consumables for drug development and industrial applications. It is also involved in a range of laboratory based tests to veterinary practices worldwide, along with point-of-care rapid immunoassay diagnostics. The latter address both companion animals (dogs, cats and horses) and human health. Avacta's proprietary biopharmaceutical laboratory instrumentation requires ultra-low sample volumes of proteins and other molecules. It is designed to measure the aggregation, unfolding and stability of a drug candidate under different physical, chemical and formulation conditions. Thus, it facilitates the selection of a lead compound at an early development stage, predicts stability characteristics and probes multiple stability indicating parameters. Avacta has developed a series of tests for environments (indoor and outdoor) and food allergy, malassezia, sarcoptes, staphylococcus. Other diagnostic laboratory based tests include Acute Phase Protein (APP) for the detection of inflammation, infection and trauma and a range of ISAG (International Society of Animal Genetics) licensed genetic tests.
H1 2011 proved very productive for Avacta with a number of positive developments with important implications for its future. Top and bottom line numbers significantly improved over the period and the balance sheet was strengthened by raising Â£1.95m (gross) from new and existing shareholders.
With two new technology products in the early stages of commercialisation, their manufacturing and R&D facility operational, an international distribution network for OptimÂ®1000 in place and the completion of new Acute Phase Protein (APP) test kits for veterinary use, Avacta is now well placed to achieve its stated objectives.
We expect the Company to move to breakeven in the second half of FY2012, with the exciting revenue outlook driving profitability thereafter.