OptiBiotix Health (LON:OPTI) has come a long way in a short time, it noted in its first results statement as a listed company.
“In a short space of time we have built operational capability, progressed our development programmes, built on our IP [intellectual property] portfolio, and created multiple product and partnering opportunities,” noted Stephen O'Hara, chief executive officer of OptiBiotix.
The life sciences firm, which develops compounds to tackle obesity, high cholesterol and diabetes, said all of its research programmes remain on budget and on target.
The aim of these research programmes is to create commercial products with an established scientific evidence base and proof of human efficacy.
Discussions with partners suggest that there is a growing interest in science based nutritional products and the commercial potential of microbiome modulating products, the company told investors.
The company anticipates growing interest from potential partners as its development programmes advance, and demonstrate product safety and efficacy.
The pre-revenue company saw its loss before tax slim down to £853,960 in the year to 30 November from £2.18mln the year before, and £365,038 of the 2014 loss was accounted for by expenses related to the company's admission to AIM.
At the end of the reporting period, cash and cash equivalents stood at £2.87mln after the company raised £3.3mln through a placing of shares at 8p a pop when it listed on AIM; shares currently trade at 38.82p, so investors who got on board early have done very well.
The company said it would use its cash to extend its technology platforms to screen a wider range of microbial species and strains to ensure a continued pipeline of new applications and product opportunities.
“We anticipate leveraging opportunities to license-in or acquire new technologies or IP to support our continued growth. We will look to update the market with progress on our human clinical studies. The earliest time frame for us to report will be September 2015,” the company's chairman, David Evans, said.