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Avacta deepens first-half losses on higher R&D costs

By BFN News | 09:19 AM | Monday 28 September, 2020


Cancer therapies and diagnostics group Avacta reported deeper first-half losses as higher research and development costs offset a rise in revenue. For the six-month period ended 30 June 2020, pre-tax losses widened to £8.1 million from £6.6 million year-on-year while revenues increased to £1.8 million from £1.1 million Research and amortisation of development costs increased to £4.2 million from £2.9 million. 'We have several momentous milestones ahead of us with the anticipated launch of a rapid, saliva based coronavirus antigen lateral flow test and the planned phase I study for AVA6000 pro-doxorubicin, the first pre|CISION pro-drug,' the company said. 'The recent placing has also allowed us to resource an expanded Affimer immunotherapy and pre|CISION chemotherapy pipeline and substantially increase the size of the research and clinical development teams at our Cambridge site to deliver on this.' At 9:19am: (LON:AVCT) Avacta Group PLC share price was -17p at 149p Story provided by StockMarketWire.com

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