News

Results for the year ended 31 December 2009
22 June 2010

TyraTech Inc. (AIM: TYR), a leading independent novel pesticide company for human, animal and environmental health, today announces its full year audited results for the year ended 31 December 2009. The preliminary unaudited results were announced on 24 February 2010.

The annual report of the Company for the period ended 31 December 2009 is available on the Company's website at www.tyratech.com and will be posted to shareholders.

Operational Highlights

• Successful launch of the SafeShield product in the consumer market through our partnership with Terminix International
• Terminix Natural Pest Control Contact Insecticide and Terminix Natural Drain Fly Killer sold and distributed into institutional, commercial and government markets
• Second milestone successfully achieved in functional foods contract with Kraft
• Partnership with Arysta produced first crop protection product, ShooterTM based on TyraTech Nature's Technology™, to provide an Eco-ResponsiveTM approach to insect control in commercial agriculture
• TyraChem Joint Venture formed with Chemplast International for the development and commercialization of pesticide products which are based on TyraTech's proprietary technology for the banana, plantain and pineapple market

Financial Highlights

• Product revenues grew to US$2.9 million, (2008: US$ 1.0 million) and overall revenue increased to $6.6 million (2008: $5.9 million)
• Research and development costs decreased to US$4.4 million, (2008: US$5.3 million)
• Overall operating expenses reduced by 30% to US$14.2 million, (2008: US$20.4 million)
• Net loss before and after tax for the period reduced significantly to US$13.9 million, (2008:US$17.4 million)
• Cash and cash equivalents reduced to US$1.3 million, (2008: US$9.2 million) from funding the operating loss for the year and increases in working capital
• Net cash used in operations fell to US$7.9 million (2008: US$17.9 million)

Changes to the Published Unaudited Accounts

• Changes between the unaudited preliminary results published on 24 February 2010 and the audited accounts result in an increase in revenue of US$0.8 million and an increase in the operating loss of US$0.9 million. This has arisen from principally two events
• US GAAP does not require a change in accounting treatment for the revised Kraft contract. The cost recovery from Kraft for milestones 3 and 4 will be treated as revenue with zero margin and adjustments to reduce the margin by US$0.1 million
• A further review of Sustainable Solutions inventory with the closure of the business has resulted in further write downs, principally of inventory of US$0.6 million

Post Period Highlights

• New and exclusive strategic business relationship agreement signed with Terminix International, expanding market focus and extending the strategic partnership through 2013 with a substantial increase in first order volume for SafeShield received in February compared to 2009 volume.
• The Company issued 24,443,888 of new common shares of US$0.001 each for a gross cash consideration of £2.2 million US$3.2million and £1.9 million US$2.8 million net of cash expenses. A further 749,112 of new common shares of US$0.001 each were issued in settlement of other expenses of £67,420 US$99,781.

Commenting on these results, Alan Reade, Executive Chairman of TyraTech, said:

"2009 has been a year of development and we now have a solid platform for future growth and revenue generation. We are confident of our ability to take this technology to market with products that our partners can commercialise. Furthermore, we are committed to leveraging these products into other markets in the US and globally; creating significant shareholder value over the coming years.''

 

For further information please contact:

TyraTech Inc. Alan Reade, Executive Chairman www.tyratech.com	1 (321) 409 - 7720
Nomura Code Securities Richard Potts www.nomuracode.com	+44 (0)20 7776 1200
Buchanan Communications 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.

 

<< Back to News releases