York-based bio-tech business, the Aptamer Group, has reported significant commercial and technical progress amid challenging conditions.

The company has published its full year results for the 12 months ending June 30, which shows a slump in revenue but an even bigger fall in losses.

Aptamer reported revenues of £900,000 (2023: £1.8M) and an adjusted EBITDA loss of £2.8M (2023: £4.7M).

In addition, the company reported £3.5M worth of net proceeds received from equity raising in August and September 2023. This was followed by a successful fundraise in August 2024 of £2.6M (net).

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Arron Tolley, chief executive officer, said: “Over the past year, we have made significant progress commercially and technically, under challenging market conditions.

“The group has focused on three key aspects of our strategy: internal asset development; regaining commercial traction; and cost discipline.

“We have rebuilt and expanded the pipeline over the year, demonstrating a positive trajectory in revenue recognition with 65% of the year’s total revenue realised in the second half and increased our collaborations with top 10 pharmaceutical partners.

“We have underscored the growing demand for Optimer technology and the rising recognition of our platform within the industry.   

“These developments have been made in parallel with substantial reductions to the cost base and a continued commitment to tight cost discipline supporting the future of the group.”

Aptamer develops binders through its proprietary Optimer® platform, which typically serve as an alternative to antibodies and allows new approaches in therapeutics, diagnostics, and research applications.

The firm reports increasing revenue momentum in the second half of the financial year, including £1M of orders received in the last quarter.

It has signed a major deal with AstraZeneca to explore the use of its technology to fight liver disease.

A further partnership with Unilever also reports progress in using Optimer binders to treat malodour in deodorant products.

It is also working on a test to detect Alzheimers.

In addition, Aptamer Group confirmed a new strategic approach was launched in August 2024 with a focus on the development and partnering of high-value Optimer assets with licensing potential.

It had also reorganised the group with a refreshed Board and reduced cost base to enable strategy delivery, it said in a statement.

The changes saw  Dr Adam Hargreaves appointed Non-Executive Chair of Aptamer Group, Dr Arron Tolley re-appointed as Chief Executive Officer, Andrew Rapson appointed as Chief Financial Officer in August 2024 and Tim Sykes appointed to the Board as Non-Executive Director in September 2024.