OptiBiotix Annual Loss Widens As It Progresses Development Programmes

LONDON (Alliance News) - OptiBiotix Health PLC on Thursday reported a widened pretax loss for its most recently ended financial year, as it continued to progress its research and development programmes.

The life sciences company reported a pretax loss of GBP1.4 million for the 12 month to end-November, widened from a loss of GBP853,960 the previous year, mostly as a result of higher administrative expenses. It recognised revenue of GBP28,000. It did not produce revenue in the previous period.

The company said it currently has four ongoing research and development programmes, and expects to add to these throughout 2016, which will open up new opportunities for it.

OptiBiotix said its cash position remains strong at GBP4 million, which is sufficient to fund its existing research and development programmes, and also to extend its technology platforms into other product and application areas.

"I am delighted with the strong progress OptiBiotix has made in our first full year of trading on AIM. In a short space of time we have built operational capability, progressed our development programmes, built on our IP portfolio, and signed multiple commercial agreements," said Chief Executive Officer Stephen O'Hara in a statement.

"Having validated our technology platforms during 2015, we are now extending their scope into new product and application areas to ensure a constant supply of new products entering the market and build the revenue streams of the future," O'Hara added.

Shares in OptiBiotix were down 1.2% at 80.00 pence Thursday.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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