Revenues soar as life sciences businesses continues commercialisation journey
York-based listed life sciences firm Optibiotix has continued to see its revenues soar as it moves ahead with its transition from a development company into a commercial business.
Publishing its results for the six months ended 31 May 2019, the listed business said revenues were £148818; up from £80,560 for the same period last year.
Its pre-tax losses slightly deepened to £1.2m, from £1.1m in the previous year.
Optibiotix said that the period saw it sign 12 commercial deals. This included the CE mark and registration of its SlimBiome as a medical device and first product orders in Europe.
It also appointed of Zeon Lifesciences to manufacture and supply OptiBiotix’s SlimBiome weight management technology in India and DKSH International Limited (DKSH), a £9.3bn turnover company, to distribute SlimBiome in Italy and Spain.
The firm also agreed for EIWA Trading Company to import, market and distribute its cholesterol and blood pressure-reducing probiotic strain in Japan.
Optibiotix also completed a raise of £1m of capital to provide funding for a potential initial public offering of wholly owned subsidiary ProBiotix Health, of which OptiBiotix subscribed £250,000.
Stephen O’Hara, CEO of OptiBiotix, said: “This has been an exciting half year period, with twelve commercial deals signed, six for SlimBiome and six for LP-LDL, making a total of 44 deals since mid-2017.
“The large number of agreements signed in the last two years demonstrate early commercial progress. The next stage of the process is to ensure these agreements deliver recurring revenue streams to build sales growth in 2019 against a continued low-cost base and create profitable divisions across all areas of the Company.
“As we continue to move towards a commercial business, I would like to thank our shareholders for their continued support and we look forward to an exciting future commercialising our technology in this fast growth area.”
The business today also announced the departure of Christina Wood as Executive Sales & Marketing Director “by mutual agreement.”
Dr Fred Narbel, Managing Director of OptiBiotix’s prebiotic division, will take over her responsibilities for SlimBiome and GoFigure.
OptiBiotix said it would continue to evolve the executive and non-executive team in-line with the changing needs of the business with the aim of delivering profitable divisions across all areas of the company.
Stephen O’Hara, CEO of OptiBiotix, commented: “On behalf of the Board, I would like to thank Christina for her professionalism and hard work with OptiBiotix and wish her all the best in the future”.
