Avacta Group PLC (AIM:AVCT)’s shares started higher after the oncology firm boasted of a "period of transformational progress" in its preliminary results for the 12 months ended 31 December 2021.
The company, marking its transition into a clinical-stage company, reported £2.9mln of revenue for the year and a £29.1mln operating loss. It ended the year with a balance of £26.2mln of cash and short-term deposits.
"It has been a period of transformational progress for the group, including many firsts for both the Therapeutics and Diagnostics divisions and despite the many operational challenges resulting from the impact of the pandemic,” said chief executive Dr Alastair Smith.
"Our Therapeutics Division has transitioned to being a clinical stage business through the dosing of the first patient in the Phase I study of AVA6000, increasing the division's intrinsic value and attractiveness to specialist investors and pharmaceutical partners.”
Smith noted that the ongoing study will likely ‘read-out’ in the middle of 2022. The results are expected to be a key moment for the company and its investors.
In London, Avacta shares were up 6.7% trading at 68.3p.