TyraTech, Inc. Pre-close Trading Update (5211N)
February 01 2016 - 2:00AM
UK Regulatory
TIDMTYR TIDMTYRU
RNS Number : 5211N
TyraTech, Inc.
01 February 2016
Strictly Embargoed for 07.00: 1(st) February 2016
TyraTech, Inc.
("TyraTech" or the "Company")
Pre-Close Trading Update
TyraTech, Inc. (AIM: TYR and TYRU), a life sciences technology
company focused on nature-derived insect and parasite control
products announces its pre-close trading update ahead of its
preliminary results for the year ended 31 December 2015.
2015 has been a step change year for the business with a large
increase in year on year revenues and healthy gross margins. This
change has been driven by the continued commercialisation of the
Vamousse(R) head lice treatment and shampoo formulations.
Vamousse(R) has received wide spread retail acceptance in the
USA and UK as well as strong consumer endorsement of the efficacy
of the product and growing sales. Vamousse(R) is now the fastest
growing national brand head lice product in the US. The Vamousse
brand is also well established and growing market share quickly in
the UK and the Company plans to launch into other important
European markets over the next couple of years.
Whilst total revenues for the year are expected to be marginally
lower than expected, the net loss for the year is expected to be in
line with expectations. The Directors believe that the discrepancy
in revenue expectations has arisen primarily as a result of the
difficulties in budgeting the timing of revenues arising from the
on boarding process of multiple new retailers.
In November 2015, TyraTech successfully completed a Placing
raising GBP3.2m giving the Company sufficient cash resources to
continue to invest in its business plan. In order to further
monetise its technology platform and continue its revenue growth,
the business will continue to support its Vamousse(R) brand; as
well as the recently announced move into the Animal Health market
with its PureScience(TM) products. These will be distributed by MWI
Animal Health (NASDAQ:ABC) the leading animal health distribution
company in the United States.
The preliminary results for the year ended 31 December 2015 will
be announced on 7 April 2016.
*-ends*-
For further information please visit: www.tyratech.com or
contact:
TyraTech Inc. Tel: +1 919
Bruno Jactel, Chief Executive 415 4340
Officer Tel: +1 919
Erica Boisvert, Chief Financial 415 4287
Officer
SPARK Advisory Partners Limited Tel: +44 20
(Nominated Adviser) 3368 3551
Matt Davis / Mark Brady
Allenby Capital Limited (Joint Tel: +44 20
Broker) 3328 5656
Chris Crawford
Whitman Howard Limited (Joint Tel: +44 20
Broker) 7087 4555
Ranald McGregor-Smith/ Niall Devins
Belvedere Communications (PR)
John West / Kim van Beeck Tel: +44 20
3567 0510
This information is provided by RNS
The company news service from the London Stock Exchange
END
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