StockMarketWire.com - 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



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