12th Apr 2016 08:14
LONDON (Alliance News) - Life sciences company TyraTech Inc on Tuesday reported a narrowed pretax loss for 2015, boosted by growth for its key product, head lice treatment Vamousse.
The company reported a pretax loss of USD2.3 million, narrowed from a pretax loss of USD5.1 million a year before, as revenue rose to USD6.7 million from USD4.7 million, on the back of the expansion of its head lice treatment Vamousse with two US pharmacy chains and the launch of its Vamousse shampoo with Wal-Mart Stores Inc.
TyraTech said that Vamousse has received widespread retail acceptance in the US and UK, and is growing market share quickly in the latter. It now plans to launch into other European markets over the next couple of years, starting with France.
The company separately announced it is launching a new product, Vamousse Lice Elimination, intended to eradicate lice in non-washable household items.
"2015 has been a step change year for the business with a large increase in year-on-year revenues and healthy gross margins. This change has been driven by the continued commercialisation of the Vamousse head-lice treatment and shampoo formulations. This will be further accelerated in 2016 by broader distribution, geographic expansion and the launch of the PureScience range in the Animal Health sector," said outgoing Non-Executive Chairman Alan Reade in a statement.
Reade is retiring, and will be succeeded by José Barella, TyraTech said.
Shares in TyraTech were up 5.6% at 3.30 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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