Avacta has announced its Preliminary Results for the 17-month period ending 31 December 2019.
Its accounts reflect strong revenue growth and a healthy balance sheet; its statement highlights the establishment of multiple, major long-term growth opportunities.
Significantly, post period-end the Group also announced two partnerships established to develop Affimer-based COVID-19 antigen tests, having also completed a £5.75 million fundraising that left the business well capitalised with a £10.5 million net cash position as at 30 April which capitalises the business through into 2022 on its current plans.
This ideally positions the Group, with planned first dosing for its potentially transformational Phase I study of AVA6000 pro-doxorubicin in cancer patients commencing Q4 2020/Q1 2021, while its Affimer technology contributes to a giant, potentially reputation-building global opportunity through its rapid development of highly specific diagnostic reagents for SARS-COV-2 antigen testing across multiple diagnostic platforms.
As such, Avacta presently finds itself in an enviable and well-funded development position relative to most of its peers, while shareholders remain reassured that its management and product direction is focussed on maximising the Group’s near and longer-term commercial opportunities for its platform.
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