Avacta losses deepen on higher R&D spend; to raise £9m
StockMarketWire.com - Biotherapeutics and research reagents developer Avacta booked a deeper annual loss amid a rise in R&D spending, and said it would raise up to £9m from an equity raising.
News shares in the company would bee issued at 15p each.
Pre-tax losses for the year through July amounted to £11.1m, compared to losses of £10.4m on-year.
Revenue rose 49% to £4.1m, due to recognition of an up-front milestone payment of $2.5m from LG Chem Life Sciences.
The company's cash balance at the end of July was £6.5m, up from £5.2m on-year.
'I am very pleased to see the strong growth in Affimer reagents revenue and order intake over the reporting period,' chief executive Alastair Smith said.
'This has been driven by the growing reputation of the Affimer technology particularly in the diagnostics and pharmaceutical sectors; two markets where the company will be focusing our resources in the reagents business going forwards.'
At 1:08pm: (LON:AVCT) Avacta Group PLC share price was -0.5p at 16.5p
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