Member Article

York health firm listed after raising £3.3 million in reverse takeover

York health firm OptiBox Health, which develops products to tackle obesity and diabetes has been listed on the Alternative Investment Market, a sub-market of the London Stock Exchange.

Prior to the company being listed on AIM via a reverse takeover, Finance Yorkshire invested £520k from its Seedcorn fund to support OptiBiotix Health in the development of its programmes and human studies.

The company raised £3.3 million via the reverse takeover and is using the funds to develop the intellectual property of OptiBiotix Health, to commercialise OptiBiotix products and for general working capital purposes.

Earlier this year, cleaning technology company Xeros, based in Rotherham, was listed on AIM after a series of Seedcorn fund investments by Finance Yorkshire.

Finance Yorkshire chief executive Alex McWhirter said: “OptiBiotix is another great example of the value that Finance Yorkshire brings to new and early stage technology and knowledge-based businesses.

“We invest having recognised the potential for high growth in these types of businesses and it is rewarding to see OptiBiotix in such a strong position within two years of its launch.”

OptiBiotix was founded by Stephen O’Hara, chief executive, and David Evans who is chairman. Mr O’Hara said: “Finance Yorkshire’s initial investment in the business came at a vital time for us and provided us with much-needed support.

“Our work provides us with a huge opportunity to address many widely experienced diseases and a chance to significantly improve lives worldwide.”

To date, Finance Yorkshire has made 673 investments totalling more than £85.5 million.

This was posted in Bdaily's Members' News section by Clare Burnett .