OPTIBIOTIX Health says it has made “strong progress” over the last 12 months in its transition from a development company into a commercial business as it reveals pre-tax losses of £1.7 million.

Announcing its full year results for the year ending November 30, 2017, the York Science Park company, which develops compounds to tackle obesity, high cholesterol and diabetes, said profit after tax actually stands £1.9 million reflecting an adjustment of £4.1 million for the change in value of the investment in subsidiary company SkinBiotherapeutics which listed on AIM in April last year.

In total, OptiBiotix signed 12 commercial agreements during the period, including two with Tata Chemicals.

It launched its SlimBiome and LPLDL products in Europe and signed a global profit sharing agreement signed with Sacco.

Stephen O’Hara, chief executive of OptiBiotix, said: “OptiBiotix has made significant progress in the last 12 months which has seen a growing number of awards for our science and products and an increased deal flow.

“We anticipate both the rate and value of deal flow increasing as we develop new applications, take existing products into new territories, and leverage our technology platforms to develop new product opportunities.

“We are particularly excited by the interest from partners in developing our products into biopharmaceuticals and see this as an area of significant future development and potential value uplift.

“On behalf of everyone at OptiBiotix Health plc, we would like to thank our investors for their continued support and look forward to an exciting future in this exciting area of science which has the potential to revolutionise the future of health care.”