Encouraging pipeline of deals for recapitalised biotech business

York-headquartered biotech business, Aptamer Group, says it still aims to achieve an EBITDA and cash break-even position within two years, as it publishes its interim results for the six months ended 31 December 2023.

The group reports revenues of £300,000 (H1 2023: £1m) and a pre-tax loss of £1.9m (H1 2023: £3m pre-tax loss).

Aptamer’s cash balance as of 31 December 2023 was £1.8m (H1 2023: £1.9m).

As previously reported, the group recapitalised with £3.5m in two equity placings.

The business develops custom affinity binders through its proprietary Optimer^® platform, which can serve as an alternative to antibodies and enable new approaches in therapeutics, diagnostics, and research applications.

Stephen Hull, chairman, said: “The group has continued to make encouraging progress since recapitalising in August, rebuilding the pipeline of sales opportunities and reinvigorating operations through the laboratory. 

“We are seeing increasing conversion of the deal pipeline, including repeat business being won and the potential for large deals in the drug delivery space.”

“Despite first half revenues below previous market expectations, £0.8m of deals were signed in December 2023 contributing to a signed deals pipeline today of £1.3m, which are at various stages of being progressed through the laboratory to recognise as revenue.”

Aptamer says it agreed contracts in August last year with a top five pharmaceutical company to develop multiple Optimer^® binders for different applications across both pipeline assets and early discovery targets.

In December, the group reached an agreement worth up to £600,000 with a genetic medicines company for Optimer^® targeting of genetic medicines to specific cell types.

Also in December, Aptamer signed a contract with a US-based biotechnology company for Optimer^®-Fc reagent development to new targets.