Business
Interim Results for the Period Ended 30 June 2020
Interim Results for the Period Ended 30 June 2020.
About this update from Avacta Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2160A\n Avacta Group PLC\n 28 September 2020\n \n \n \n \n \n \n \n 28 September 2020\n \n \n Avacta Group plc\n \n \n (\"Avacta\", the \"Company\" or the \"Group\")\n \n \n \n \n \n Interim Results for the Period Ended 30 June 2020\n \n \n \n \n \n Avacta Group plc (AIM: AVCT), the developer of innovative cancer therapies and diagnostics based on its proprietary Affimer® and pre|CISIONTM platforms, is pleased to announce its unaudited interim results for the six-month period ended 30 June 2020.\n \n \n \n \n \n Operating highlights\n \n \n Avacta Therapeutics\n \n \n · \n Established AffyXell Therapeutics (\"AffyXell\"), a joint venture in South Korea with Daewoong Pharmaceutical Co. Ltd., (KSX: 069620), a leading Korean pharmaceutical company, to develop the next generation of cell and gene therapies incorporating Affimer proteins.\n \n \n · \n Demonstrated initial proof-of-concept for its proprietary new class of drug conjugate, \"TMACTM\", in a pre-clinical animal model of cancer.\n \n \n Avacta Diagnostics \n \n \n · \n Collaboration with Cytiva (formerly GE Healthcare Life Sciences) to develop a rapid test for the COVID-19 coronavirus antigen for mass population screening. \n \n \n · \n Collaboration with Adeptrix (Beverly, MA, USA) to develop a high throughput Affimer-based SARS-CoV-2 antigen bead-assisted mass spectrometry test (\"BAMSTM\" test) to be used on hospitals' existing installed base of mass spectrometers to diagnose COVID-19 infection. \n \n \n · \n Exclusive distribution agreement announced with Medusa19 Limited (\"Medusa19\") for direct-to-consumer sales of a saliva-based rapid test for the SARS-CoV-2 spike protein antigen.\n \n \n · \n Collaborative work with the Centre for Virus Research at the University of Glasgow showed that certain Affimer reagents which bind to the SARS-CoV-2 virus spike protein prevent infection of human cells by a SARS-CoV-2 model virus, and therefore provide a potential therapy for COVID-19 infection.\n \n \n \n \n \n Financial Highlights\n \n \n \n \n \n · \n Fundraisings completed during the period raising £53.8 million to expand Diagnostics and Therapeutics programmes.\n \n \n · \n Cash balance increased to £54.5 million (30 June 2019: £5.6 million; 31 December 2019: £8.8 million).\n \n \n · \n Revenues increased...