Yorkshire life sciences company Aptamer has narrowed its losses after saying it made commercial and technical strides in challenging conditions.
The York-based operator – launched on AIM three years ago to capitalise on the potential of its Optimer binder technology – has issued results for the year ended June 30 2024 in which revenues halved from £1.8m to £900,000, but the previous year’s Ebitda loss of £4.7m narrowed to a loss of £2.8m.
Operating losses were also brought down, from £8.16m to £3.08m, and staff numbers were also reduced, from 54 in 2023 to 38, a move which brought the wages bill down from £3.35m to £2.1m Directors described how it has rebuilt its commercial pipeline following a fundraise carried out last August, followed by a second successful fundraise this summer of £2.6m.
Arron Tolley, chief executive officer of Aptamer Group, hailed the company’s “significant progress” commercially and technically, under challenging market conditions, saying the group has focused on its strategy to carry out asset development, regain commercial traction and focus on cost discipline.
He said: “We have rebuilt and expanded the pipeline over the year, demonstrating a positive trajectory in revenue recognition with 65% of the year’s total revenue realised in the second half and increased our collaborations with top ten pharmaceutical partners. We have underscored the growing demand for Optimer technology and the rising recognition of our platform within the industry.”
Aptamer operates in a binder market currently worth more than $170bn, and its binders are engineered to address issues found with alternative molecules, and offer new, innovative solutions to bioprocessing, diagnostic and pharmaceutical scientists.
The group is also working in partnership with Neuro-Bio to develop Optimers to enable the world’s first lateral flow tests for the pre-symptomatic diagnosis of Alzheimer’s disease – a test it believes could be revolutionary for the disease, as it would allow patients access to treatments earlier, with the potential to halt the disease.
The company has successfully delivered projects for global pharmaceutical companies, diagnostic development companies, and research institutes, and Mr Tolley highlighted how the company’s strong technical delivery across both immunohistochemistry and gene therapy delivery has been instrumental in driving commercial interest, helping Aptamer to secure an increasing number of contracts. Post year-end, the company also launched a collaboration with AstraZeneca to explore the use of its molecules for drug delivery in fibrotic liver disease.
The group’s partnership with Unilever also made progress towards the use of Optimer binders in treating malodour in deodorant products, and a soft launch of its new Optimer+ platform was also well received across the industry, leading to two new contracts, one with a top 10 pharmaceutical partner.
Mr Tolley added: “The past financial year was challenging for Aptamer. However, since recapitalising, customer confidence has returned, and our skilled team and well-equipped laboratory have enabled us to deliver on exciting projects, and to rebuild and grow a sales pipeline that we aim to maintain and diversify into the new financial year.
“As part of last year’s technical progress, multiple assets developed from our fee-for-service offering have reached, or are approaching, key value inflection points. This means that we are getting closer to the crystallisation of potential licensing revenues. Going forward, we aim to increase shareholder value by focusing on the generation of high-value assets, alongside generating fee-for-service revenue, to drive high-value licensing opportunities.”
Original artice – https://business-live.co.uk/all-about/yorkshire-humber
