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TyraTech well on track after operationally successful first quarter
Life sciences company TyraTech updated the market on recent progress with its animal health products, following the successful sale of 'Vamousse' as announced on 4 December.
The AIM-traded firm said its operational goals at the end of 2017 were to expand the market penetration of the products already launched, and to jump-start its development pipeline, focusing on products targeting the biggest markets of controlling internal parasites in production animals.
For the beginning of the 2018 year, the board said it could report progress on all of those fronts.
It said 'PureScience' Poultry Mite unit sales were up 250% on a moving annual total, with the product expanding into Europe, while 'Outsmart' sales to SmartPak were showing a "sharp increase" for early 2018.
The coccidiosis study in poultry was said to be showing encouraging reductions in severity of lesions - a potential market the firm said was worth $1bn - while its intestinal worms field trial in pigs showed a 70% reduction in intestinal worms - a potential $3bn market.
The board said it anticipated releasing its results for the 2017 year before the end of May.
"We are pleased to show that, in a short period of time, we are making significant progress in developing new products and solutions for some of the largest animal health market segments and to answer some of the biggest un-met needs," saud TyraTech CEO Bruno Jactel.
"After numerous positive lab studies, we are now moving to the Phase II of our development pipeline to test our products against internal parasites directly on animals.#
"Initial probe studies are encouraging and show that we are moving in the right direction."
Jactel said that more broadly, the firm was implementing a new strategy that promoted a "more sustainable and green" agriculture.
"As the world's population grows and demands more food, and especially more meat, industrial farming will have to scale.
"At the same time, millennials and aging baby boomers are demanding cleaner food without added chemicals and a more sustainable agriculture, respective of the environment and animal welfare."
As a result, farmers were now looking for new technologies as an alternative to chemical solutions to promote a production of animal protein without antibiotics or pesticides, Jactel asserted.
"Now that TyraTech has its new strategic focus we believe we are well placed to use our unique technology to take advantage of this shift and provide producers and customers with cleaner food and healthier environment.
"We are already well on the road to our transformation into a pure player in green and sustainable agriculture."