22 May 2012 07:00
22 May 2012
TYRATECH, INC.
("TyraTech" or the "Company")
Trading Update
TyraTech, Inc. (AIM: TYR), a natural life sciences company, today provides the following trading update to its shareholders.
Terminix
Further to the Company's announcements on 11 January 2012 and 2 February 2012, the Company has continued to have discussions with Terminix regarding the current agreement between the two companies.
Although the Company is encouraged with ongoing discussions and a newly placed order, TyraTech believes that significant near-term sales are unlikely to occur. The Company recognises that these talks are part of an ongoing process and both TyraTech and Terminix are committed to continuing discussions and to achieving resolution in the near term.
Pipeline Developments
The Company has continued to advance its product development pipeline since its last trading update on 11 January with the strategic goal of diversifying its product offering and customer base. This included advancing product development programmes in each of the Company's three key areas of focus - Insect Control, Human Health and Animal Health. The Company is in discussions with potential partners for its products, including a major global consumer products company and a major US retailer.
Insect Control
In order to further expand its insect control offering, the Company has two development programmes utilizing its Nature's Technology™ platform. The first is a floor and surface repellent technology for consumer, industrial, and institutional markets. The Company has made significant progress in this area and believes that it has the ability to deliver repellent floor and surface products which will have the ability to repel insects for up to 24 hours.
The second is through TyraChem, the Company's joint venture with Chemplast International. This venture is focused on developing innovative insect control and repellency platforms that integrate TyraTech's Nature's Technology® into Chemplast's plastics technologies. The joint venture is encouraged with recent successes in the development of this technology, which includes meeting the milestone of successfully incorporating TyraTech's insect control technology into plastic films. Initial data is showing strong repellency against flies and other insects. These innovative plastics provide a range of potential applications in the agriculture, commercial, institutional and consumer markets.
Human Health & Wellbeing
The Company is focused on three areas:
·; Human Functional Food to control the level of harmful intestinal parasites: The Company has a strategic partnership with Kraft for the development of functional foods. Test results of the technology continue to be promising as the companies continue to work closely together to identify ways in which to accelerate the monetisation of this project.
·; Head & Body Lice control: Since its last trading update, the Company has initiated a clinical trial of its head lice product. The clinical trial is a randomized, parallel study to evaluate two TyraTech formulations to a leading product currently on the market. The Company is encouraged by the positive results to date which indicate that its safe formulations are superior to products currently on the market and are effectively controlling synthetic-resistant lice and nits.
·; Personal Repellents: The Company is developing a range of personal repellents featuring TyraTech Nature's Technology® to meet the global demand for safe and highly effective alternatives to synthetic products. Test results to date have been encouraging and the Company is confident that it will meet the programme's objectives which are to develop an efficient, safe and cost effective natural insect repellent. The Company views this as a highly attractive and accessible market opportunity.
Animal Health
The Company has identified several product opportunities in the Animal Health market. Initially, efforts are focused on the flea and tick market for companion animals and the biting fly market for horses and cattle. The Company believes that the significant advances it has made in its personal and surface repellent projects will accelerate development of high value products for the Animal Health market.
Outlook
The Directors of the Company continue to remain positive about the Company's medium and long-term prospects due to the potential of the Company's technology, as evidenced by the advances it has made in its product development pipeline over the past four months and the increasing interest in its products from high calibre global partners.
The Directors are presently further evaluating each of the markets in which TyraTech has developed products or has a development pipeline, in order to focus the Company's resources on those opportunities with the greatest potential returns to shareholders. Accordingly, the Company may seek to obtain value for some areas of application of its technology in order to reinvest in others.
For further information please contact:
TyraTech Inc.
Alan Reade, Executive Chairman Tel: +1 919 415 4310
Peter Jerome, Chief Financial Officer Tel: +1 919 415 4280
N+1 Brewin, Nominated Adviser and Joint Broker
Aubrey Powell / Robert Beenstock / Alex Wright Tel: +44 20 3201 3170
First Columbus LLP, Joint Broker
Chris Crawford Tel: +44 20 3002 2070