Having developed new strains of bacteria that target gut microbiome to tackle conditions such as high cholesterol, diabetes and obesity, it has seen significant commercial demand for its technology.
“We look forward to converting this interest into agreements in new territories and application areas in the months ahead to continue rapidly growing revenues in this new and exciting area of science which has the potential to revolutionise the future of healthcare,” said the company in a statement summarising the 12 months ended November 30 last year.
Among the highlights was a five-year deal with Akums Drugs and Pharmaceuticals to exclusively manufacture and supply supplements and drug products containing OptiBiotix’s LPLDL bacteria strain in India.
It also gas an exclusive agreement with a US company for the LPLDL that carries six-figure milestone payments.
Weight loss ingredient SlimBiome, meanwhile, won a coveted award at the Food Matters event.
Commercial and critical success has been backed up by a growing body of work that essentially burnishes the scientific credential of its microbiome-targeting technology.
“As existing deals contribute to full-year revenues, partners continue to grow sales with new product launches, and as new agreements continue to be signed we anticipate further revenue growth in 2019,” said chief executive, Stephen O’Hara.
In the last financial, turnover grew 543% half-on-half and 169% year-on-year to £191,000. As is common for a company at this formative stage of its commercial development, OptiBiotix was loss-making. The operating loss was just under £1.5mln, £627,906 less than the year earlier as administrative expenses fell 17.5%.
At the period-end the firm had £1.33mln, rising to £1.67mln following the reclamation of R&D tax credits. In December it raised £1.025mln via a convertible loan in preparation for the potential float of the company’s ProBiotic Health arm. OptiBiotix confirmed it is still mulling the potential demerger.