Avacta launches new product

The AX-1 product, which was known as Midas during its development, will test blood and serum samples, initially for dog allergies.

The York-based firm, which was spun out of Leeds University, said it will sell the technology in the UK and Europe through Avacta Animal Health and distributors.

The company develops technology to speed up and reduce the cost of diagnosis.

The produc will sell for "low thousands" of pounds, and Avacta hopes to earn recurring revenues from consumable test cartridges.

Avacta also hopes to expand AX-1 into endocrine, thyroid and viral infection tests, with the ultimate aim for the device being human blood tests.

The directors expect the first units to be shipped early in the New Year.

Chief executive Alastair Smith said: "We believe that AX-1 presents a world leading solution to the fast growing market of point of care testing. Our focus in the near term will be on expanding the menu of tests available to run on the AX-1 for the veterinary market, but there is also a much bigger opportunity for the AX-1 to address by further developing the product to deliver multiplexed testing and diagnostics for the human market.

"With momentum also gathering in the sales process for Avacta Group's Optim product, we are now strongly placed to deliver on our plans and I look forward to updating the market again in due course."