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Avacta Group
- BY: Andrew Hore |
- POSTED: 25/04/2011 |
- COMMENTS: Add yours
Diagnostic equipment supplier Avacta Group is still finding it difficult to build its sales of the Optim analytical instrument but new distributors and partners should help to grow these sales.
The most important of these deals is with US-based Pall Corporation who will distribute the Optim, which helps to reduce the cost of drug development by enabling the early analysis of drug compounds. Pall has no presence in this market but it does have a strong customer base in the pharma market.
Revenues grew from £894,000 to £1m in the six months to January 2011. The animal health revenues were flat and the growth came in analytical instruments and contract research. The underlying loss fell from £1m to £537,000.
Avacta has launched the AX-1 blood testing system for the animal market but it has yet to contribute to the figures.
Avacta raised £1.95m at 1.05p a share in January. Net cash was £2.51m at the end of January 2011. There is potential deferred acquisition consideration of £250,000.
At 1.24p a share, Avacta is valued at £20.7m.
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