29th May 2015 08:14
LONDON (Alliance News) - OptiBiotix Health PLC Friday posted a narrowed pretax loss for the year to end-November 2014 due to lower exceptional costs, its first set of full-year results since it was admitted to AIM last August.
The biotechnology company was formed by a reverse acquisition by Ducat Ventures PLC of Optibiotix Ltd. It was re-named and readmitted to trading on AIM in August 2014.
For the financial year, Optibiotix posted a pretax loss of GBP853,960, narrowed from a pretax loss of GBP2.2 million a year before. In the previous year the company posted a GBP1.4 million impairment on inter-company loans and a GBP500,000 loss on the disposal of investments. It does not yet produce revenue.
The company raised GBP3.3 million in its initial public offering.
Optibiotix said all of its research programmes remain on budget and on target. Its cholesterol product completed pre-clinical studies in November 2014, which the company said identified which of the three strains tested was best suited for a first product. This strain is now undergoing a human clinical study.
"I am delighted with the strong progress OptiBiotix has made since joining AIM in August 2014. In a short space of time we have built operational capability, progressed our development programmes, built on our IP portfolio, and created multiple product and partnering opportunities. I would like to thank our investors for their support in 2014, and look forward to an exciting and rewarding 2015," said Chief Executive Officer Stephen O'Hara in a statement.
Shares in OptiBiotix are trading down 0.9% at 38.90 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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