Oxford Nutrascience (AIM: ONG) said its subsidiary Oxford Nutrascience Ltd (ONL) achieved a 27% increase in full-year revenues and a number of post-period developments including manufacturing and development deals for its Chewitab chewable tablets and the submission of patent applications.
ONL was acquired on 27 January 2010. The company manufactures calcium chewy supplement Ellactiva, which is currently sold in Europe and the Middle East, with plans to launch new chews and chewable tablets and liquid suspensions. Oxford Nutrascience intends to launch of a range of Chewitab products, including a chewable calcium supplement and a chewable multi-vitamin supplement. Furthermore, it also aims to license its tablet technology to major consumer healthcare companies in the global over-the-counter (OTC) and prescription pharmaceutical sectors.
Oxford Nutrascience's medicine development work is currently focused on pain relieving drugs, indigestion preparations and cough and cold medicines.
Revenues for the year to 31 December 2009 jumped 27% to £54,293, while pretax losses widened from £106,518 to £229,162, due to an increase in administrative expenses from £131,133 to £262,767 as activities are intensifying.
Post-period developments included the submission of patent applications and increasing interest of consumer healthcare pharmaceutical brand owners to license technology. Earlier this month, the company signed a manufacturing and development deal with Surepharm Services Ltd to scale up and validate manufacturing processes for its Chewitab delivery systems.
The company has also appointed Marcelo Bravo as executive chairman with responsibility for R&D (research and development).
“As Oxford Nutrascience moves into the development phase for our chewitabs and suspensions ahead of full scale production, we continue to make advancements of our technology to improve taste and performance of our technology. This progress has allowed us to strengthen our patent applications,” said chief executive of Oxford Nutrascience Group Nigel Theobald.
The key event was the company’s admission to trading on the AIM market of the London Stock Exchange after a successful IPO (initial public offering) that raised£1.1 million. Oxford said that the IPO gave it greater visibility among over the counter healthcare companies.