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Byotrol reassures on profits and cash levels
Shares in antimicrobial technologies group Byotrol jumped on Wednesday morning after it updated the market on its year of significant investment in both the business itself and its technologies.
A sale by AIM-quoted Byotrol to Solvay of its Actizone patents and intellectual property in return for "substantial" cash payments over the next two financial years, ongoing royalty payments and a further payment in early 2022, should see sales exceed certain targets in 2021. Byotrol said it now expects EBITDA for the year ended 31 March to be in line with market expectations.
Byotrol will also retain the ongoing rights to sell Actizone technologies in finished product form.
The agreement significantly increased the total development resources available for Actizone and frees-up Byotrol resources to commercialise its technologies.
In other news, 50 of 52 US states formally approved Byotrol's EPA-registered, long-lasting anti-microbial surface sprays, with the two holdouts, Georgia and Maryland, expected to grant approval imminently ahead of its targeted US retail trials in the Summer.
Byotrol said it remained "well-financed" at the start of its new financial year with cash resources of £4.7m.
David Traynor, chief executive of Byotrol, said, "We are very pleased with our progress over the last financial year and are excited about the emerging opportunities for our technologies, supported by continuing strong commercial relationships and a very healthy balance sheet."
As of 0900 BST, shares had collected14.04% to 3.25p.