FIVE years of scientific research and development into weight management products by a York company have come to fruition as the firm reports “significant progress” in the first stages of commercialisation.

In its full year results, Heslington-based Optibiotix said 2016 saw the start of a “transition” for the company, from a technology business to a products business.

Key achievements over the period, to November 30, 2016, included the completion of a number of partner agreements with major industry players including KSF Acquisition UK, owners of the Slimfast brand and Royal DSM, the world’s leading supplier of nutritional ingredients.

Optibiotix, which was founded in 2012, has spent the last five years developing compounds to tackle obesity, high cholesterol and diabetes.

Last year saw the launch of its first product, Slimbiome, as an ingredient in GoFigure meal replacement shakes and natural snack bars which are sold on line and through specialised retail outlets.

The move was reflected in the firm’s financial results, which showed a rise in revenues from £28,000 to £288,000. While reporting losses of £1.3 million, the firm achieved cash reserves of £3.1 million.

Stephen O’Hara, chief executive of OptiBiotix, said: “OptiBiotix has made significant progress in the last year in building the infrastructure and team to support the transition from a technology company, to a product company, with early revenues and a developing pipeline of products across all its platforms.

“We are delighted with the excellent reviews following the launch of GoFigure products containing our SlimBiome formulation.

“This has led to a growing customer base, early sales, and attracted interest from Tata Chemicals Ltd in developing products for the Asian market.”

The period resulted in a “substantive increase” in the firm’s IP portfolio which now covers 50 patents across 16 trademarks, while 2016 also saw Optibiotix acquire 51 per cent stake of The Healthy Weight Loss Company, as a platform to incubate new technological solutions and develop wider product applications in weight management .

Following on from the year end, Optibiotix earlier this month completed an IPO of its majority owned joint venture with The University of Manchester called SkinBiotherapeutics, raising £4.1 million through its listing on AIM.