Distribution agreement with Ravenswood for SlimBiome®
RNS & Investor News
28 June 2023
Notice of Annual General Meeting
OptiBiotix Health plc (AIM: OPTI), a life sciences business developing compounds to tackle obesity, high cholesterol, diabetes and skin care announces its audited results for the 12 months ended 31 December 2022. The Group’s results reflect its new structure following the listing of ProBiotix Health plc (PBX) on the AQSE Growth Market on 31 March 2022 with its costs and revenues not included in the accounts post listing. This makes meaningful comparisons with previous years difficult.
To view a full version of the results in
- Admission of ProBiotix Health plc to the AQSE Growth Market on 31 March 2022 raising £2.5m for the further development of our former Probiotic subsidiary and providing OptiBiotix shareholders with a dividend in specie of over £10m
- Launch of LeanBiome® in The Hut Groups (“THG”) impact lean product range and product range extension with a breakfast smoothie with excellent customer reviews
- Launch of GoFigure® products in India with Apollo Hospitals & Pharmacies in September 2022
- Launch of GoFigure® products containing SlimBiome® in China on Tmall.com with over 500 million monthly active users
- Regulatory approval by the Saudi Food & Drug Authority (SFDA) for the sale by our exclusive distributor Nahdi Medical Co (Nahdi) of GoFigure® shakes and bars containing SlimBiome® and subsequent launch in January 2023
- Registration of four new on pack health claims in Australia and New Zealand for SlimBiome® for feelings of fullness, reduction of hunger, and improvement of the gut microbiome and improving digestive health
- British Retail Consortium accreditation, confirming our compliance with the Global Food Safety Initiative (‘GFSI’) benchmark
- A joint development agreement with Firmenich, the world’s largest privately owned taste and fragrance company, to develop new products containing SweetBiotix®
- Publication of a peer-reviewed scientific study of one of our second-generation SweetBiotix® products, confirming its suitability as a healthy replacement for sugar
- Significant scientific and commercial progress in the development of our microbiome modulators
- No debt with valuable assets in SkinBiotherapeutics and ProBiotix Health providing a strong balance sheet
- Strong sales growth of own brand products on e-commerce. The listing of SlimBiome® Medical and Gofigure® products on Amazon UK in February 2023, and Slimbiome® Medical on Amazon Germany and Walmart USA in May 2023. We anticipate further international listings on Amazon throughout 2023 including Amazon India, the Gulf States, and Amazon USA. This is all part of the internationalisation of our own brand products online
- New orders from both The Hut Group (THG) and Holland & Barrett in the UK
- Three new partners in Asia who have all placed initial orders for SlimBiome®
- Published the results of a third human study on SlimBiome® demonstrating statistically significant benefits to appetite and hunger regulation with a single dose (3g) of SlimBiome®
- Good progress from both partners in the commercial scale up of our second-generation SweetBiotix® family of products and microbiome modulators offering exciting potential for future growth
The Report & Accounts which will be shortly posted to shareholders contain a Notice of Annual General Meeting (“AGM”) which will be at 11:00am on 26 July 2023 at Walbrook PR Ltd, 75 King William Street, London, EC3V 9HD. Stephen Hammond and Chris Brinsmead will not put themselves for re-election as directors of the Company and will therefore cease to be directors following the conclusion of the AGM.
Stephen O’Hara, CEO of OptiBiotix Health plc said: “2022 has been a challenging year with high stock levels accumulated from the large amount or orders placed in Q4 2021 by two large partners and low sales in H1 2022 (£118K) caused by the global downturn. As anticipated, sales improved in H2 (£339k) but were insufficient to make up the H1 deficit with full year revenues from customer contracts of £457K. A further ten metric tonnes of SlimBiome, approximating to £300k was taken from stock held by distributors for our two largest partners, and not included in these accounts. Once this stock overhang is clear this should have a material impact on reportable revenue.
“Our focus in 2023 is on looking forward with the aim of each business unit reaching profitability by the end of the year. We believe this can be achieved by a reduction in costs, a focus on existing partners returning to forecast, bringing in new partners particularly in the USA and Asia, and expanding e-commerce channels to reduce partner dependency. With our products winning awards in Europe, Asia, and the USA and an increasing number of large companies like The Hut Group, Holland and Barrett, Apollo Hospitals, and Nahdi Medical using our products, we believe we are in strong position for further growth.
“Despite a challenging 2022 the group has no debt, a strong balance sheet, products with excellent customer reviews, second generation products close to commercialisation, and retains significant exposure to the considerable growth potential of the microbiome through its shareholdings in ProBiotix Health plc and SkinBiotherapeutics plc”.
This announcement contains information which, prior to its disclosure, was considered inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.
Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions security holders and prospective security holders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.
For further information, please contact:
|OptiBiotix Health plc||www.optibiotix.com|
|Neil Davidson, Chairman||Contact via Walbrook below|
|Stephen O'Hara, Chief Executive|
|Cairn Financial Advisers LLP (NOMAD)||Tel: 020 7213 0880|
|Liam Murray / Jo Turner / Ludovico Lazzaretti|
|Peterhouse Capital Limited (Broker)||Tel: 020 7220 9797|
|Duncan Vasey / Lucy Williams|
|Walbrook PR Ltd||Mob: 07876 741 001|
About OptiBiotix - www.optibiotix.com
OptiBiotix Health plc (AIM: OPTI), which was formed in March 2012, brings science to the development of compounds which modify the human microbiome - the collective genome of the microbes in the body - in order to prevent and manage human disease and promote wellness.
OptiBiotix has an extensive R&D programme working with leading academics in the development of microbial strains, compounds, and formulations which are used as active ingredients and supplements. More than twenty international food and healthcare supplement companies have signed agreements with OptiBiotix to incorporate their human microbiome modulators into a wide range of food products and drinks.OptiBiotix is also developing its own range of consumer supplements and health products. The Company's current areas of focus include obesity, cardiovascular health, and diabetes.
ProBiotix Health anticipating "big commercial opportunities" during 2023
Group CEO Stephen O’Hara and CEO Steen Anderson | 04 January 2023