Avacta looking to a bright future of growth

DIAGNOSTICS specialist Avacta said it is looking forward to reporting on six months of continued growth with both its human and animal technology divisions showing significant potential.
By The Newsroom
Published 8th Mar 2010, 21:27 BST
Updated 8th Mar 2010, 21:27 BST

York-based Avacta was spun out of the University of Leeds and develops technology to speed up and reduce the cost of diagnosis.

The group's analytical arm designs and sells high-tech diagnosis devices to the drug development sector, as well as providing analysis services to the sector. Avacta said contract service revenues "remain on target and well ahead of last year", delivering "sustainable and high-quality revenues".

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Its recently-launched flagship product Optim has been "highly acclaimed industry-wide" and generated significant commercial interest, Avacta said.

Its animal health arm is seeing revenues "up significantly" on a year ago, with considerable interest in its soon-to-be-launched animal health device Midas. The group recently bought vet test company Reactivlab for up to 5m.

Chief executive Alastair Smith said: "Avacta's two divisions are growing strongly. Our two flagship products, Optim and Midas, will be key drivers of our growth in 2010 and beyond."

Related topics:University of LeedsYork