RNS Announcements

ProBiotix Health plc (AQSE: PBX), a life sciences business developing probiotics to tackle cardiovascular disease and other lifestyle conditions, announces its unaudited results for the three month period from 31 March 2022, when the Company listed, through to 30 June 2022. 

Highlights

• Successful flotation on the AQSE Growth Market on 31 March 2022, raising £2.5m for future development of the Group
• Significant benefits of public listing in enhanced corporate profile, improved access to capital and greater ability to recruit, retain and motivate key staff
• Industry leader Steen Andersen appointed CEO
• Confirmed orders to end of August of £1.12m, higher than sales for FY 2021 (£1.1m)
• Invoiced sales in three month period to end of June of £306,042 with a gross profit of £157, 577
• Strong balance sheet with net cash balance of £2,034,509 as at 30 June 2022 (2021: £196,982).
• New customers gained in China, Israel, Hong Kong and Belgium
• Third human volunteer study confirms efficacy of LP_LDL®
• Important entry into dairy market with functional yoghurt containing LP_LDL®, with key health claim “helps to reduce cholesterol”
• Expanding CholBiome® portfolio with phytosterol-containing product with US health claims to support expansion into US market

Stephen O’Hara, acting CEO of ProBiotix, commented: “The separate public listing of the Company enables us both to raise awareness of the scale of the opportunity in probiotics and to accelerate the realisation of our strategic objectives through improved access to capital and by helping us to attract, retain and motivate key personnel. The recruitment as CEO of such a leading industry figure as Steen Andersen would not have been possible had Probiotix remained part of a larger group.

“Reported first half sales understate the success of the Company in winning new customers, expanding into new territories and developing its product portfolio with confirmed orders as of the end of August 2022 of more than £1.12m, already higher than sales in the full year 2021 (£1.1m).

“We will continue to grow the business through a clear strategic focus on commercialising products across more territories with larger partners supported by a developing product pipeline – both by exploring new probiotic strains and by extending the applications and use of LP_LDL®. We will expand our range of finished products with the addition of a phytosterol product to the CholBiome® portfolio, and continue to develop the substantial opportunities in dairy with major partners.

“Given the scale of the market opportunity, the proven efficacy of our existing products, the substantial scope for expansion of our range and geography, the significant benefits of public listing and the financial strength of the Company, we look to the future with confidence and enthusiasm.”

This announcement contains information which, prior to its disclosure, was considered inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

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