26th Jun 2014 10:34
LONDON (Alliance News) - TyraTech Inc Thursday expressed confidence for 2014 as it launches new products, despite posting a widened pretax loss in 2013, hit by the loss of a one-off collaborative revenue fee.
Shares in TyraTech were trading down 20% at 8.10 pence Thursday morning.
The biotechnology company posted a pretax loss of USD4.9 million, widened from a loss of USD2.9 million, as revenues declined to USD1.4 million from USD3.6 million. In the previous year the company received a one-off payment on the establishment of its joint venture Envance Technologies LLC with AMVAC Chemical Corp, and switching pesticide products it had previously sold to Envance.
The company said it plans to have launched ten new products by the end of 2014, which it believes will boost revenues.
Its range of head-lice treatments Vamousse was launched in April in the US.
TyraTech's Guardian range of mosquito and tick repellents will launch in the US in the summer. The company said its main goal will be to present the products during annual category reviews conducted by major retailers in the second half of 2014, ahead of the 2015 mosquito and tick season.
It signed a product distribution agreement with Novartis Animal Health (UK) Ltd to sell its insect control products. Six products were launched in the US in the first part of 2014 under the brand Natunex, and this will be followed by a roll-out in some European companies.
TyraTech said that over the last few years it has transitioned from being a technology and research and development orientated company, to commercialising branded products.
The company noted that due to recent success and interest in the US, it "may have excellent opportunities in other markets in a much shorter time-frame than we had previously envisaged."
It said it made need additional working capital to take advantage of these opportunities, and would review its capital position in the coming months.
"The medium term outlook for the company is extremely strong as our intellectual property continues to be commercialised into new products and geographies," said Chief Executive Bruno Jactel in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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