York biotech firm Aptamer Group says it still plans to break even within two years.

In its interim results for the six months ending December 31 2023, the business reported revenues of £300,000 (H1 2023: £1m) and a pre-tax loss of £1.9m (H1 2023: £3m pre-tax loss).

In August, the group recapitalised with £3.5m in two equity placings.

Chairman Stephen Hull said since then the business has progressed and been “rebuilding the pipeline of sales opportunities and reinvigorating operations through the laboratory”.

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He continued: “We are seeing increasing conversion of the deal pipeline, including repeat business being won and the potential for large deals in the drug delivery space.”

And added: “Despite first half revenues below previous market expectations, £0.8m of deals were signed in December 2023 contributing to a signed deals pipeline today of £1.3m, which are at various stages of being progressed through the laboratory to recognise as revenue.”