Listed life sciences firm moves into the black
Life sciences business OptiBiotix Health has reported annual pre-tax profits of £1.6m on revenues of £191,073 as it continued its transition from a development company into a commercial business.
The York-based listed firm this morning published its annual results to 30 November 2017, which showed its progress since its 2016 results of a pre-tax loss of £1.3m on revnues of £288,119.
The firm, which develops compounds to tackle obesity, high cholesterol and diabetes, said: “The Company has made strong progress during this period as it continues its transition from a development company into a commercial business.
“This period has seen the company sign a number of commercial deals of increasing value across its product range as it builds multiple revenue streams from manufacturing, application and distribution partners across the world.”
During the period, the firm secured ten commercial agreements signings and completed the admission of majority owned skincare subsidiary, SkinBiotherapeutics (formerly SkinBiotix), to AIM with an associated £4.5m institutional and private client fundraise in April 2017.
Stephen O’Hara, CEO of OptiBiotix, said: “OptiBiotix has made significant progress in the last 12 months which has seen a growing number of awards for our science and products and an increased deal flow. We anticipate both the rate and value of deal flow increasing as we develop new applications, take existing products into new territories, and leverage our technology platforms to develop new product opportunities.
“We are particularly excited by the interest from partners in developing our products into biopharmaceuticals and see this as an area of significant future development and potential value uplift. The last twelve months has been an exciting period of transition for the company.”
Optibiotix was founded in March 2012 to develop compounds which modify the human microbiome to combat diseases. It has been moving towards the commercialisation of products as part of its R&D programme.
