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Avacta Group

  • BY: Andrew Hore |
  • POSTED: 12/01/2011 |

Diagnostic equipment supplier Avacta Group is raising £1.95m at 1.05p a share following the sale of its first Optim unit in the US.

Optim helps to reduce the cost of biopharmaceutical drug development. It has taken time to build up interest but there are nine units on order plus discussions with overseas distributors. A new veterinary diagnostics product, AX-1, has also been launched.

Avacta needs additional working capital to cope with the demand for these products.

IP Group is putting up nearly one-quarter of the cash and will hold 25.1% of Avacta.

At 1.31p a share, Avacta is valued at £19m. 

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