Avacta doubles revenue

York-based Avacta, which was spun out of Leeds University, said revenue grew by 120 per cent while its operating loss reduced to 2.03m compared to 2.86m the previous year.

Last month the firm appointed Isogen Life Science as European distributor for its flagship Optim 1000 diagnostics device. Optim 1000 allows drug developers to gain vital information about compounds using tiny samples, more cheaply and quickly than other methods.

Chief executive Alastair Smith said: "Avacta is now poised to transition from three years of intense product development to the commercialisation of its innovative products that the directors believe will drive future revenue growth and profits.

"The harsh economic climate of the past year has slowed early sales progress of Optim which is, of course, disappointing, but the value proposition of the product is very strong and clearly recognised by customers. Commercial progress is now gathering momentum through our own sales efforts and through the recent appointment of Isogen as a distribution partner in Europe."

Mr Smith said there had been considerable interest from both customers and distribution parters for Optim and he said he hopes to announce the appointment of a major distribution partner in the US soon.

He added that the firm would shortly be launching its new diagnostic tool, Midas. It will also be taking a new diagnostic kit product based on the intellectual property of Reactivlab, the company it acquired in March, to market next year.

He said: "It's going to be a very exciting year for Avacta with good opportunities for growth across the group's activities and we look forward to reporting on this progress as it unfolds."