York’s OptiBiotix Health reports “strong” financial start since joining AIM

York health firm OptiBiotix Health, which develops products to tackle obesity and diabetes, has released results for its first four months of trading since being admitted on AIM.

The firm waslisted on a sub-market of the London Stock Exchange after acquiring OptiBiotix Limited and was re-named OptiBiotix Health plc last summer.

Between August and November, the firm’s administrative expenses totalled in at £489K, which was mainly due to the costs of operating both companies prior to consolidation.

Furthermore, transaction costs were in line with forecasts with a net proceeds post placing of just over £2.93m.

The firm’s cash position remains stable at £2.87m, which will also enable OptiBiotix to fund existing research and development programmes and launch commercialisation.

This funding will be utilized following the signing of a contract with Reading University for clinical studies of the firm’s first product: a capsular food supplement to reduce cholesterol, as well as the leasing of laboratories at the Science and Technology Centre at the university.

OptiBiotix has further secured its future in the next financial year by the appointment of Dr Sofia Kolida as director of Research and Development and Dr Gareth Barker as Non-Executive Director.

Stephen O’Hara, CEO of OptiBiotix, said: “I am delighted with the strong progress OptiBiotix has made since joining AIM in August 2014. In a short space of time we have built operational capability, progressed our development programmes, built on our IP portfolio, and created multiple product and partnering opportunities. I would like to thank our investors for their support in 2014, and look forward to an exciting and rewarding 2015”.

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