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Avacta Group

  • BY: Andrew Hore |
  • POSTED: 14/10/2010 |

Avacta Group has completed its research project with Takeda Pharmaceutical and this should provide a validation of the company’s personalised medicine technology. 

The depression treatment project funded by Takeda started in 2007 prior to Curidium’s takeover by Avacta. The study has identified patient sub-populations where certain treatments could be more effective.

Curidium is not a core part of the Avacta business, which supplies diagnostics and analysis equipment, and it has hardly been mentioned by the company since the merger, which also brought additional cash to Avacta. Any cash this technology could generate would help the rest of the company.

During the summer Grant Thornton was appointed as nominated adviser and XCAP Securities as broker.

Avacta raised £1.38m gross at 1p a share in July. Avacta had £1.3m in cash at the end of January 2010, but the cash outflow from operations was £1.1m in the previous six months. The cash is being used to finance the marketing and sales of Optim analysis equipment and Midas diagnostics equipment.

Avacta’s year end is July and the full year figures are due to be published in November.

At 0.75p a share, Avacta is valued at £10.8m.

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