DIAGNOSTICS specialist Avacta today hailed a pivotal moment as it shifts from early product development to focusing on sales.
The York-based company said its opportunities are "sustantial and tangible" as it reported year when revenues doubled but losses deepened.
Avacta, which was spun out of the University of Leeds, provides technology and services to the pharmaceutic
al and diagnostics markets.
Earlier this year it launched its flagship Optim product. Orders have started coming in for the high-tech device, which allows drug companies to gain vital information about compounds using tiny samples. Avacta also expects to launch its first diagnostic product, Midas, into the veterinary market early next year.
"Both of these devices combine one-off hardware sales with two recurring revenue streams; consumable cartridges and support and maintenance contracts," said chief executive Alastair Smith. "Avacta has recently raised additional funds to maintain an element of its development resources to bring further devices and diagnostic tests to market in the near future.
"Avacta sits at a transitional point as it shifts from early stage product development to the commercialisation of innovative, high value technologies to complement our expert services. The opportunity for Avacta Group is substantial and tangible and we anticipate continuing strong newsflow in the coming year."
Avacta reported revenue up 100 per cent at £940,000, but said pre-tax losses for the year to the end of July deepened to £2.8m from £1.6m a year earlier.
