Avacta expects revenue, operating losses and cash balances for the six months ending 31 Jan to be in line with market forecasts.

The group said it was making strong progress with in-house programmes and solid progress with its partners.

Group chief executive Dr Alastair Smith said: 'I am very pleased with the continued strong technical and commercial progress across the business.

'We have continued to grow the number and extent of the data packages demonstrating the power of the Affimer technology in therapeutic and non-therapeutic applications which build the commercial case and de-risk the technology for third parties.

'It is particularly important to see that the rate of Affimer end-user publications is growing and commercial partners, such as Covance, are speaking publicly about their successful Affimer projects.

'These are powerful marketing tools as we build awareness of the Affimer platform.

'I presented the Affimer technology and our recent progress at the JP Morgan conference in San Francisco last week.

'We met with over 25 biotech and pharmaceutical companies to discuss the benefits of the Affimer technology and potential partnerships.

'Some of these have already followed up indicating their interest in further discussions.'