Avacta Group plc (AVCT.L), a life sciences company, Tuesday reported loss before tax from continuing operations of 27.32 million pounds for the full year, narrower than 41.64 million loss in the previous year, primarily helped by growth in revenue. The company also appointed a new CEO with effect from May 1.
Net loss from continuing operations reduced to 24.95 million pounds or 9.15p per share from 36.98 million pounds or 14.34p per share loss a year ago.
Revenue for the year increased to 23.25 million pounds from 9.65 million pounds last year.
Additionally, the company said it appointed Christina Coughlin as chief executive officer, effective May 1 2024, replacing Alastair Smith.
Coughlin, who joined the Board as a Non-executive Director in March 2022, was appointed as Head of Research and Development in February 2024. Coughlin, a trained oncologist and immunologist, has been pivotal in driving the clinical development strategy for AVA6000 and will be responsible for all pre-clinical research and clinical development activities, the company said in a statement.
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