(Alliance News) - OptiBiotix Health PLC on Monday reported a significant rise in the quarterly sales of its SlimBiome and LPLDL products.
SlimBiome is OptiBiotix's weight management product and LPLDL is its probiotic strain intended to reduce cholesterol and blood pressure.
The life sciences firm said that for the first three months of 2020, total sales for SlimBiome and LPLDL were GBP407,844, a considerable rise from GBP39,645 recorded for the same period in 2019.
In addition, the company received GBP162,500 from the sale of its shares in subsidiary SkinBioTherapeutics PLC.
OptiBiotix Health signed nine commercial agreements in the three-month period, and four deals in the following months. Of its total of 62 deals, 40 are now contributing revenue, with 70% of deals expected to deliver revenue in the first year of agreement, compared to 35% in 2019 and 33% in 2018.
"The large number of agreements signed with multiple partners, across multiple application areas and geographies, is designed to maximise the income potential of each product, whilst limiting the risk related to any individual deal, product, or geography. The strategic aim is to grow the awareness of our brands around the world," the company said.
The company said that all its divisions are currently making progress in reaching their goals of being profitable in 2020.
Shares in OptiBiotix Health were trading 6.6% higher at 58.10 pence each on Monday afternoon in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
OptiBiotix Health (OPTI)