Research firm boosted by US investment and £8m funding

Research company Nanoco says that a successful fundraising in November and the win of a new US client has left it well placed for the future.

The Manchester based firm leads the world in the research, development and large-scale manufacture of heavy metal-free nanomaterials for use in displays, lighting, solar energy and bio-imaging.

According to its half year results the firm’s balance sheet was strengthened by £8m following the successful placing in November 2017.

Revenue and other operating income for the six months was £260,000 compared to £820,000 the previous year.

The loss after tax was £4.2m in contrast to £5.43m for the same period last year.

Dr Michael Edelman, Nanoco’s chief executive, said: “The first half of the financial year has seen encouraging progress for Nanoco, underlining the strength and breadth of Nanoco’s know-how and the relevance of our intellectual property and technology across a wide range of different end markets and applications.

“The announcement post-period end of a new contract with a large US listed corporation for the scale-up and volume production of novel nano-particles is a testament to the significant momentum we are seeing as a group.

“Demand for our technology in display is gaining traction, while in our other markets of lighting and life sciences commercial developments are also progressing well.

“We continue to keep a tight control on costs while further commercialising our technology to take advantage of large and growing market opportunities, supported by our successful fundraising in November 2017 and the cash receivable from our newest partner.

“I am excited about the group’s prospects and remain very confident about the relevance of our technology across a broad spectrum of end markets, as well as our ability to execute and deliver current orders and future sales.”