OptiBiotix Health (LON:OPTI) said the past six months have been a period of significant operational progress as it gave its half term report.
The life sciences firm is developing products that tap into the human microbiome to tackle obesity, high cholesterol and diabetes.
To that end it has completed preclinical studies and gained ethics approval to start human clinical studies for its potentially breakthrough cholesterol lowering product.
It also inked a joint venture with Dutch firm Nizo Food Research to develop weight management yoghurts as well as sealing an option agreement with an unnamed multi-national for the cholesterol product.
And it has teamed up with AIM-listed Venture Life, which is developing a healthcare portfolio targeted at the elderly.
In a busy six months to the end of June it filed four new patents and expanded its OptiBiotic platform to a wider range of microbial species.
A key appointment was that of Jim Laird to the role of commercial director, which Optibiotix says increases management’s “capacity and capability”.
Cash of £2.47mln at the period-end “is sufficient to fund its existing research and development programmes”, the company said.
In common with most firms in the industry at this formative stage of their commercial development, Optibiotix was loss-making. The operating loss was £541,431.
Chief executive Stephen O’Hara told investors he was “delighted” with progress.