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Avacta Group PLC on Thursday reported a narrowed interim loss as it multiplied its revenue significantly thanks to a strong performance from its Therapeutics division.
In the six months ended June 30, the clinical stage oncology drug company narrowed its pretax loss to £9.7 million from £11.4 million the previous year.
The profit figure benefited from improved revenue and the profit from the firm's disposal of Avacta Animal Health for £1.1 million, after selling costs.
Revenue in the half multiplied to £5.5 million from £1.5 million.
This was mainly driven by its Therapeutics division, which saw revenue jump to £5.4 million from £1.4 million year-on-year as a result of achieving milestones in its collaborations with chemicals firm LG Chem and biotechnology company AffyXell.
Looking forward, the company said it believes a significant near-term value driver is the clinical data from a phase I study of AVA6000, a cancer treatment.
Chief Executive Alastair Smith said AVA6000 was making ‘excellent progress’ and is now recruiting patients into the fourth dose escalation cohort.
He added that the ‘strong momentum’ seen during the first half of the year had continued into the second.
Shares in Avacta were down 0.5% at 109.44 pence on Thursday morning in London.
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