Revenues surge 169% at listed life sciences business
York-based listed life sciences firm Optibiotix has seen its annual revenues surge 169% in the year continued its transition from a development company to a commercial business.
Optibiotix has seen revenues rise to £514,289 in the year ended 30 November 2018, up from from £191,073 in the previous year.
However, its profits changed to losses; this morning reporting a £1.8m pre-tax loss for the period, a drop from the £1.6m pre-tax profit achieved in 2017. In May 2018, the firm complete a £1.8m raise to meet commercial demand.
Optibiotix, which develops compounds to tackle obesity, high cholesterol and diabetes, said its had made “strong progress” as it continues its transition from a development company into a commercial business.
It added: “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.”
Stephen O’Hara, CEO of OptiBiotix, added: “OptiBiotix has made significant progress in the last 12 months signing 18 commercial agreements making a total of 28 agreements since launching products in May 2017.
“OptiBiotix’s products are now being commercialised as food ingredients, medical devices, drug biotherapeutics and supplements in around thirty countries across the world. Importantly, these agreements are starting to generate income with revenue growth in the second half of the year significantly higher than at the start of the year.
“As existing deals contribute to full year revenues, partners continue to grow sales with new product launches in 2019, and as new agreements continue to be signed we anticipate further revenue growth in 2019. On behalf of the Board I would like to thank our shareholders for their continued support and we look forward to an exciting future commercialising our products in a market forecast to become one of the world’s fastest growth areas.”
