Aptamer Group plc (LON:APTA), the developer of novel Optimer® binders to enable innovation in the life sciences industry, has announced its full year results for the twelve months ended 30 June 2024.
Highlights
· New strategic approach launched in August 2024 with a focus on the development and partnering of high-value Optimer assets with licensing potential.
· Group reorganisation with a refreshed Board and cost base reduced to enable strategy delivery.
· Dr Adam Hargreaves appointed Non-Executive Chair of Aptamer Group, Dr Arron Tolley re-appointed as Chief Executive Officer, Andrew Rapson appointed as Chief Financial Officer in August 2024 and Tim Sykes appointed to the Board as Non-Executive Director in September 2024.
· Commercial pipeline rebuilt with increasing revenue momentum in the second half of the financial year and £1.0 million in orders won in the last quarter.
· Delivering on our strategic milestones, including:
· Increased commercial traction and advancing to licensing of critical reagent with a top five pharmaceutical partner.
· Planned on-person functionality tests of Optimer as active ingredient in deodorants by Unilever, with the potential for further development and downstream licensing if successful.
· Second phase of Optimer development for early Alzheimer’s disease lateral flow test.
· Proof of fibrotic liver delivery vehicle with AstraZeneca’s siRNA payload.
· Planned identification of the fibrotic liver biomarker to satisfy significant interest from multiple partners and support the mechanism of action, which has the potential to unlock multiple significant high-value deals.
Financial summary
· Revenue £0.9 million (2023: £1.8 million).
· Cash balance at 30 June 2024 £0.9 million (2023: £0.2 million).
· Adjusted EBITDA loss of £2.8 million (2023: £4.7 million).
· Administration expenses £3.2 million (2023: £5.0 million).
· £3.5 million net proceeds received from equity raising in August and September 2023.
Post-period end
· Successful fundraise in August 2024 of £2.6 million (net).
· Further to project with a genetic medicines biotechnology company in December 2023,1 completed development of the Optimer delivery vehicle and shipped material to the partner for testing. This delivery vehicle could form a critical part of precision gene therapy with the potential for downstream licensing.
· Developed Optimer binders for a new non-invasive prenatal diagnostic platform that avoids amniocentesis, with material shipped to Bioliquid Innovative Genetics for testing on human samples.
· Revenue from contracts progressing through the laboratory of £0.9 million, (subject to scientific attrition), including contracts with top 10 pharmaceutical companies and many of these contracts with licensing potential.
Commenting on the results, Arron Tolley, Chief Executive Officer of Aptamer Group, said: “Over the past year, we have made significant progress commercially and technically, under challenging market conditions. The Group has focused on three key aspects of our strategy, being 1. internal asset development, 2. regaining commercial traction and 3. cost discipline. We have rebuilt and expanded the pipeline over the year, demonstrating a positive trajectory in revenue recognition with 65% of the year’s total revenue realised in the second half and increased our collaborations with top ten pharmaceutical partners. We have underscored the growing demand for Optimer technology and the rising recognition of our platform within the industry.
“Aptamer’s strong technical delivery across both immunohistochemistry (IHC) and gene therapy delivery has been instrumental in driving commercial interest. The Group has secured an increasing number of contracts for Optimer IHC development, reinforcing our growing reputation in this segment of the market. In the drug delivery space, data generated internally facilitated the signing of a substantial contract for Optimer delivery vehicles for gene therapies and initiated a post-period collaboration with AstraZeneca to explore the use of our molecules for drug delivery in fibrotic liver disease.
“The Group’s partnership with Unilever has made considerable progress towards the use of Optimer binders in treating malodour in deodorant products. Finally, a soft launch of our new Optimer+ platform has been well received across the industry, leading to two new contracts, one with a top ten pharmaceutical partner, in the first few months of launch. This provides us with a unique position within the market to continue progression.
“These developments have been made in parallel with substantial reductions to the cost base and a continued commitment to tight cost discipline supporting the future of the Group. We thank investors for their support during our placing in August 2024, which enables us to focus on advancing our Optimer assets and pursuing new opportunities through additional partnerships.”
1. Aptamer Group signs material agreement with genetic medicines company
