TyraTech widens FY loss after challenging 2016

Life-sciences company TyraTech said 2016 was a challenging year that resulted in a slightly wider pre-tax loss.

"The progress made by Vamousse in difficult market conditions and the launch of the first products in the Animal Health space were significant," said chairman Jose Barella.

They were, however, not enough to generate the cash resources to fully develop the potential of the Vamousse product range while investing in the R&D of a promising Animal Health pipeline, he added.

"This situation masks the fact that, on a stand-alone basis, Vamousse, provides a positive business contribution," Barella said.

The chairman said directors had, in a move to address this situation, comprehensively reviewed the company structure, resource, and potential pipeline to unlock full value for investors.

"Phase one of this is already complete and we look forward to updating shareholders further in due course," said Barella in the results statement.

The company booked a pre-tax loss for the 12 months of $2.28m, from a loss of $2.26m.

At 14:18 BST, shares in AIM-listed TyraTech were flat at 1.38p each.