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Avacta Group

  • BY: Andrew Hore |
  • POSTED: 31/10/2011 |

Sales of the Optim instrument are starting to build up after a slow start and this is already showing through in the latest results of diagnostic technology developer Avacta Group.

The Optim bench top instrument analyses a range of biological samples and can be used by pharma companies to make a decision about which drug candidates have the best chances of success. There were 14 Optims sold in the year to July 2011, up from two in the previous year. There have already been eight Optim sales in the first quarter and the target for the full year is 27.

The commercial partnership with Pall Corporation has been extended to South East Asia.

The AX-1rapid blood immunoassay system has been hit by delays but it could start generating revenues in this financial year.

Revenues grew from £2.07m to £2.45m in the year to July 2011 and the loss decreased from £2.03m to £1.12m. Revenues are forecast to rise to £3.6m in 2011-12 and the loss should continue to reduce.

Avacta had net cash of £1.77m at July 2011. The operating cash outflow was £1.11m last year. There is also deferred consideration of £250,000 payable.

At 0.98p a share, Avacta is valued at £16.3m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFOctober2011_25.pdf

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