Member Article

Difficult year for Wetherby lab and diagnostics firm Avacta

Wetherby diagnostics and lab firm Avacta has reported an increased loss before taxation this year of £2 million compared to a loss of £1.8 million in 2014.

The loss was reportedly largely due to non-recurring administrative expenses relating to restructuring and so the firm remains positive for the future.

Revenues also increased from £2.7 million in 2013 to £3.18 million for the year ended July 31 2014.

Alastair Smith, chief executive officer, said: “Important goals for Avacta this year were to demonstrate that no technical hurdles remained for the scale up of operations and commercialisation of Affimers and then to raise the funding required to execute our strategy.

“I am delighted that we have achieved these key milestones and attracted the support of new shareholders in the process.

“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.”

This was posted in Bdaily's Members' News section by Clare Burnett .