Listed life sciences firm celebrates rise in sales
York-based listed life sciences company Optibiotix has reported total sales worth £808,000 with other income of £617,000 for the year ended 30 November 2019.
The business, which develops compounds to tackle obesity, cardiovascular disease and diabetes, has released an unaudited preliminary revenue figures and a trading, commercial, and strategic update.
It noted that agreements signed in 2019 extended its geographic reach into 24 new countries and contributed to an increase in year on year sales across every division.
Total amount of income for the year ending 30 November 2019 was £1,426,522 (2018: £541,614).
The company’s update adds: “In line with previous years, the majority of income was generated in the second half of the year (H1 2019: £148,818).
“As we enter the next phase of the business cycle in building a profitable business and sales volumes continue to grow, we intend to renegotiate supply agreements with partners to reduce the cost of goods and improve margins.
“We will seek a reduction in IP and R&D costs as the needs of the business change.
“OptiBiotix signed 18 commercial agreements in the year to 30 November 2019, with a further five deals signed in December 2019, making a total of 23 agreements for the calendar year.
“The large number of agreements signed (52 to 19 December 2019) with multiple partners, across multiple application areas and geographies, is designed to maximise the income potential of each product, whilst limiting the risk related to any individual deal, product, or geography.”
Stephen O’Hara, CEO of OptiBiotix, said: “This year has seen strong commercial progress with OptiBiotix extending its geographic reach and brand presence to 24 new countries and more agreements generating revenues for the first time or growing sales.
“As in previous years, the majority of income was generated in the second half of the year with total income for the year of just over £1.4m.
“We anticipate further revenue growth in 2020 as a UK launch of SlimBiome with a major UK retailer and LPLDL® with AlfaSigma contributes to full year revenues, large corporate partners commercialise products, and we extend the application of our products into new areas.”
