23rd May 2018 12:58
LONDON (Alliance News) - Life sciences company TyraTech Inc on Wednesday reported a narrowed loss for 2017 as revenue nearly doubled due to substantial growth in its product division.
For 2017, TyraTech reported a net loss of USD3.9 million, compared with a USD4.5 million loss the year before. Revenue rose to GBP1.2 million from GBP658,000 in 2016, due to the full launch of the OutSmart equine fly repellent and the expansion of its mite control product PureScience within the Product division.
Administrative expenses slipped to USD2.8 million from USD3.0 million, offset by a rise in research and development costs to USD1.2 million from USD1.1 million.
During the year, TyraTech made the decision to focus on the animal health market, leading to the divestment of its human lice products brand Vamousse to Alliance Pharma PLC for USD13 million.
For 2018, TyraTech plans to expand its poultry products to producers in the US and launch the same products in specific countries in Europe.
"We are pleased to show that, in a short period of time, we are making significant progress in developing new products and solutions for some of the largest animal health market segments and to answer some of the biggest un-met needs," said Chief Executive Bruno Jactel.
"Now that we have set-up our new strategic focus, all our efforts will be concentrated on rolling-out the commercialization of existing products in the US and in other countries, and developing new products for some of the biggest animal health market segments. Our clear short-term objective is generating sales of existing products and reaching the most significant product development milestones," Jactel added.
Shares in TyraTech were down 4.2% at 2.30 pence on Wednesday.