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LONDON (Alliance News) - OptiBiotix Health PLC on Monday reported a significant growth in revenue in its most recently ended financial year as it is on track to become a commercial company.
The life sciences company said it swung to loss in the year to the end of November 2018 of GBP2.0 million compared to a GBP1.7 million profit reported the year prior. In its financial 2017, OptiBiotix recorded a GBP4.1 million profit on disposal of subsidiary.
Administrative expenses for 2018 were GBP1.9 million, down 18% from GBP2.1 million in 2017. This reflected a GBP141,719 reduction in research & development costs, OptiBiotix said, as the company transitions from a research & development business to a commercial business.
Revenue, meanwhile, multiplied to GBP514,289 from GBP191,073 year-on-year.
"OptiBiotix has made significant progress in the last 12 months signing 18 commercial agreements making a total of 28 agreements since launching products in May 2017," said Chief Executive Stephen O'Hara.
"Importantly, these agreements are starting to generate income with revenue growth in the second half of the year significantly higher than at the start of the year," O'Hara continued. "As new agreements continue to be signed we anticipate further revenue growth in 2019."
OptiBiotix shares were trading 2.1% lower on Monday at 73.90 pence each.