News

Results for the year ended 31 December 2008
01 April 2009

There will be a conference call for analysts and investors to dial into the preliminary results today at 11am (GMT). Dial-in details are as follows: UK Access Number: +44 (0)20 8609 1435, US toll free number: 1866793 4279, PIN code: 356088#. A replay of the conference call will be available for one month via UK: 0800 358 2189 or 020 8609 0289, US: 1 866 676 5865. Conference reference number: 259400#.

TyraTech Inc. (AIM: TYR), a leading independent novel pesticide company for human, animal and environmental health, today announces its full year results for the year ended 31 December 2008.

Operational Highlights

• Received early payment of 75% of multi-million dollar partnership stage milestone from Kraft Foods resulting from successful data and progress with the functional food programme and revised agreement
• Strategic business relationship agreement signed with Terminix International to commercialise certain TyraTech Naturals pest control products in the US, with first product order received and to be launched by Terminix in 2009
• Successful launch and encouraging commercial adoption of TyraTech NaturalsTM Crawling Insect Spray; distribution expanded from two to twelve new commercial outlets in the US
• Expanded commercialization of the WasteSolverTM equipment from the Sustainable Solutions division, resulting in an increased revenue receipt in the first half of 2009 from orders signed during 2008.

Financial Highlights

• Net revenues increased to US$5.9 million from US$5.5 million in the prior period
• Research and development costs increased to US$4.6 million, (2007: US$4.5 million).
• Overall operating expenses increased to US$20.4 (2007: US$18.9 million)
• Net loss before and after tax for the period of US$17.4 million,(2007: US$16.5 million)
• Cash and cash equivalents of US$9.2 million, (2007: US$27.5 million) The projected revenues provided by agreements signed at the end of 2008 and the reduced operating costs provide an adequate base of cash resources to allow the business to develop through 2009.

Post Period Highlights

• Two new Sustainable Solution products, SandSolver and SolidSolver, launched based on our WasteSolverTM technology which are expected to be immediately revenue generating
• Received first US patent protecting the core technology platform in March 2009
• TyraChem joint venture for the use of TyraTech pest control products for plantation crop agriculture and incorporating in plastic material signed with Chemplast International in January 2009

Commenting on the Group’s Final Results, Douglas Armstrong Ph.D., Chief Executive Officer of TyraTech, said:

“TyraTech has made significant progress in 2008 and already in 2009 to establish the commercialization base for growing product revenue, particularly with new partnerships and distributors that have strong market channels and resources. This, coupled with substantial progress in bringing our technology to the commercial product level, means the Company can look forward with confidence to delivering increased revenues in 2009.”

 

For further information please contact:

TyraTech Inc. Alan Reade, Executive Chairman www.tyratech.com	1 (321) 409 - 7720
Nomura Code Securities Charles Walker www.nomuracode.com	+44 (0)20 7776 1200
Buchanan Communications Mary-Jane Johnson/Lisa Baderoon/ Catherine Breen/Stasa Filiplic www.buchanan.uk.com	+44 (0) 20 7466 5000

About TyraTech

TyraTech was formed in 2004 to develop and commercialise products for the control of invertebrate pests and pathogens using the Company’s proprietary technology. TyraTech, which already has products on the market, is positioned for human health, animal health and pesticide market opportunities which total over $32 billion globally.  TyraTech’s technology provides the Company with a wide variety of product and business opportunities in many markets and geographic regions. The differentiating feature of these products is the potential to have a combined level of potency and safety that other invertebrate control products are unable to offer. TyraTech’s platform brings many of the principles of drug discovery and development to the fields of insecticides and parasiticides. By targeting specific chemoreceptors that are found in invertebrates but not in humans and animals, TyraTech can produce products that use natural plant derived compounds targeting these receptors.

TyraTech is actively developing selected proprietary active ingredients which can then be used for various products across a wide variety of market segments, either by development partners or by TyraTech itself. TyraTech already has products or partnerships in the areas of professional and horticultural insect control, and for an insect/mosquito repellent.  TyraTech also has an innovative partnership with Kraft to use its natural oils to develop functional foods for improving the health of the more than 2 billion people worldwide subject to intestinal parasitic infections.

TyraTech also has a separate technology with associated intellectual property that is the basis for the Sustainable Solutions business. This technology has been incorporated into specialised dairy farm equipment for processing cattle manure waste to a usable material for TyraTech to sell as a commercial plant growing medium.

 

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