Avacta Group's half year revenues increased 20% to £1.3m and comprised of £0.5m from Avacta Life Sciences and £0.8m from Avacta Animal Health.

The developer of Affimer biotherapeutics and research reagents said operating losses rose to £3.9m from £2.0m and pre-tax losses of £3.8m were up from £2.0m.

The group also announced that the first major immunogenicity study of Affimer technology using human ex-vivo samples had concluded successfully with a range of Affimer proteins shown to have low immunogenicity comparable with the marketed antibody Avastin.

Group chief executive Dr Alastair Smith said: "This excellent data significantly de-risks the Affimer technology as a therapeutic platform addressing the multi-billion dollar biotherapeutics market and is a major milestone and value inflection point for the Company."

At 8:10am: (LON:AVCT) Avacta Group PLC share price was +3p at 64p