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OptiBiotix in good heart at the half-way point

Published: 07:31 25 Aug 2016 BST

Cholesterol
OptiBiotix is seeking to address some of the key health issues of the day

The half-year report from OptiBiotix Health plc (LON:OPTI) highlighted the strong progress the human microbiome specialist has made.

In the six months to the end of May, the company saw its intellectual property portfolio rise to comprise 44 patents across 14 product families, eight strain registrations and seven trade marks.

The company also made strong scientific progress across its platform technologies, including the development of microbiome modulators that can increase the growth rate and biological activity of specific microbial species in the human microbiome, plus the development of sweet natural healthy sugars under the company’s SweetBiotix brand.

The company also signed commercial agreements with two multi-nationals:  the first with KSF, owners of the Slimfast brand; the second with DSM, the world's leading supplier of nutritional ingredients.

“We are delighted to have GoFigure products containing SlimBiome on the shelves in a major retail chain with strong early sales and great customer feedback suggesting a high likelihood of success,” said Stephen O’Hara, chief executive officer of OptiBiotix.

The occasion of the announcement of the interim results was marked by the departure of chairman David Evans, who is stepping down in order to reduce his overall number of commitments.

Adam Reynolds will assume the role of chairman in the interim. OptiBiotix said it expects to make further additions to the board and management team as the company evolves.

OptiBiotix now has a broad range of platforms with numerous product and numerous partnering opportunities. This builds company value and de-risks the company, OptiBiotix said, offering it the opportunity to change focus should one platform or product prove unsuccessful.

The company is clearly in the rapid growth stage, however, and like many such companies it is making a loss.

Loss before tax widened to £713,772 from £514,424 in the corresponding period a year earlier, as administrative expenses rose to £802,083 from £514,431.

A year ago OptiBiotix had no revenues; in the six months to the end of May 2016 it had revenues of £88,252.

At the end of the reporting period it had cash and cash equivalents of £4.07mln, up from £2.47mln a year earlier.


 

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