A YORK life sciences firm has placed itself at the leading edge of what is set to be one of the fastest growing markets in the world as it reports a year of success in developing healthy sugars.

Optibiotix Health, based at York Science Park, yesterday reported its financial results for the year ending November 30, 2015, revealing revenues of £28,000 alongside a widening loss of £1.28 million, compared to £811,000 the year before.

However the year has been hailed as one of "strong progress" by the firm thanks to a number of operational highlights, including a "substantive increase" in its intellectual property portfolio, which saw patents rise from six to 11, trademarks increase to seven from three, and the number of strain registrations hit eight compared to three last year.

The company, which develops compounds to prevent and manage human disease, particularly related to obesity, also completed four commercial agreements in the year, and raised £1.5 million from a share placing aimed at strengthening its in house development capability, accelerating the commercialisation of existing products and extending technology platforms into new application areas.

Stephen O'Hara, chief executive of Optibiotix said: "All of OptiBiotix’s development programmes remain on budget and on target with significant progress having been made in validating our OptiBiotic® and OptiScreen® technology platforms.

"This has allowed the company to extend technology platforms into other product and application areas, broadening the product pipeline, and creating new partnership opportunities.

"We currently have four ongoing R&D programs, one on cholesterol and three in sugar, with early commercial deals across all platforms.

"We anticipate adding to these development programs throughout 2016 opening up new opportunities.

"The board believes OptiBiotix is at the leading edge of an immature but emerging market forecast to become one of the world’s fastest growth areas.

"OptiBiotix has made strong progress in the last twelve months and now looks to build on this solid foundation to build a microbiome business with significant value for shareholders."

Reporting its results, Optibiotix said throughout the year the level of academic and industry interest in the areas its covers has accelerated rapidly.

It said the firm's progress both commercially and technically is gaining increased recognition with OptiBiotix being nominated for a variety of awards for its entrepreneurialism and financial track record.