News
Maiden Results for the year ended 31 December 2007
02 April 2008
TyraTech Inc. (AIM: TYR), a leading independent novel pesticide company for human, animal and environmental health, today announces its maiden full year results for the year ended 31 December 2007 and the first since listing in June 2007.
Operational Highlights
- First commercial launch from TyraTech’s own product range for a general purpose insect spray for hospitality industry containing all natural active ingredients
- First product launch from Sustainable Solutions business of dairy waste management equipment for the production of Nature’s Natural, a unique horticulture soil product
- Completion of the key objectives for human functional foods to receive the first major milestone payment from worldwide exclusive agreement with Kraft Foods Inc.
- Development and financial milestones achieved with insecticide strategic partners Arysta and Syngenta
- Strengthened senior management team and sales and marketing function
Financial Highlights
- Successful initial public offering (IPO) in June, listing on the AIM market of the London Stock Exchange, raising gross proceeds of £25 million
- Revenue increased to US$5.5 million (£2.8 million) from US$(0.3) million in the prior period
- Gross research and development costs US$5.9 million (2006: US$4.5 million)
- Net cash US$27.5 million (2006: US$1.7 million)
Commenting on the Group’s maiden Full Year Results since Listing, Douglas Armstrong Ph.D., Chief Executive Officer of TyraTech, said:
“TyraTech had its debut on AIM in June and the Group has made good progress throughout this period. 2008 is going to be an exciting year when we will continue to focus on the Kraft development, plan to create further new partnerships, and launch new products. We also expect this year to have important new value building discovery advances of proprietary active ingredients needed for the delivery of disruptive products for the control of agricultural and animal pests. We have built a strong infrastructure with key team additions bringing industry leading expertise and experience to TyraTech. I am very optimistic about the future and we look forward to creating significant shareholder value as we progress the Group.”
For further information
| TyraTech Inc. Alan Reade, Executive Chairman www.tyratech.com |
1 (321) 409 - 7720 |
| Nomura Code Securities | |
| Charles Walker/ Clare Terlouw | Tel: +44 (0) 20 7776 1200 |
| www.nomuracode.com |
Media enquiries:
Buchanan Communications |
|
| Mary‑Jane Johnson (mary‑jane.johnson@buchanan.uk.com)/ Lisa Baderoon/Catherine Breen |
+44 (0) 20 7466 5000 |
| www.buchanan.uk.com |
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