Trading Update (8012D)
22 May 2012 - 4:01PM
UK Regulatory
TIDMTYR
RNS Number : 8012D
TyraTech, Inc.
22 May 2012
22 May 2012
TYRATECH, INC.
("TyraTech" or the "Company")
Trading Update
TyraTech, Inc. (AIM: TYR), a natural life sciences company,
today provides the following trading update to its
shareholders.
Terminix
Further to the Company's announcements on 11 January 2012 and 2
February 2012, the Company has continued to have discussions with
Terminix regarding the current agreement between the two
companies.
Although the Company is encouraged with ongoing discussions and
a newly placed order, TyraTech believes that significant near-term
sales are unlikely to occur. The Company recognises that these
talks are part of an ongoing process and both TyraTech and Terminix
are committed to continuing discussions and to achieving resolution
in the near term.
Pipeline Developments
The Company has continued to advance its product development
pipeline since its last trading update on 11 January with the
strategic goal of diversifying its product offering and customer
base. This included advancing product development programmes in
each of the Company's three key areas of focus - Insect Control,
Human Health and Animal Health. The Company is in discussions with
potential partners for its products, including a major global
consumer products company and a major US retailer.
Insect Control
In order to further expand its insect control offering, the
Company has two development programmes utilizing its Nature's
Technology(TM) platform. The first is a floor and surface repellent
technology for consumer, industrial, and institutional markets. The
Company has made significant progress in this area and believes
that it has the ability to deliver repellent floor and surface
products which will have the ability to repel insects for up to 24
hours.
The second is through TyraChem, the Company's joint venture with
Chemplast International. This venture is focused on developing
innovative insect control and repellency platforms that integrate
TyraTech's Nature's Technology(R) into Chemplast's plastics
technologies. The joint venture is encouraged with recent successes
in the development of this technology, which includes meeting the
milestone of successfully incorporating TyraTech's insect control
technology into plastic films. Initial data is showing strong
repellency against flies and other insects. These innovative
plastics provide a range of potential applications in the
agriculture, commercial, institutional and consumer markets.
Human Health & Wellbeing
The Company is focused on three areas:
-- Human Functional Food to control the level of harmful
intestinal parasites: The Company has a strategic partnership with
Kraft for the development of functional foods. Test results of the
technology continue to be promising as the companies continue to
work closely together to identify ways in which to accelerate the
monetisation of this project.
-- Head & Body Lice control: Since its last trading update,
the Company has initiated a clinical trial of its head lice
product. The clinical trial is a randomized, parallel study to
evaluate two TyraTech formulations to a leading product currently
on the market. The Company is encouraged by the positive results to
date which indicate that its safe formulations are superior to
products currently on the market and are effectively controlling
synthetic-resistant lice and nits.
-- Personal Repellents: The Company is developing a range of
personal repellents featuring TyraTech Nature's Technology(R) to
meet the global demand for safe and highly effective alternatives
to synthetic products. Test results to date have been encouraging
and the Company is confident that it will meet the programme's
objectives which are to develop an efficient, safe and cost
effective natural insect repellent. The Company views this as a
highly attractive and accessible market opportunity.
Animal Health
The Company has identified several product opportunities in the
Animal Health market. Initially, efforts are focused on the flea
and tick market for companion animals and the biting fly market for
horses and cattle. The Company believes that the significant
advances it has made in its personal and surface repellent projects
will accelerate development of high value products for the Animal
Health market.
Outlook
The Directors of the Company continue to remain positive about
the Company's medium and long-term prospects due to the potential
of the Company's technology, as evidenced by the advances it has
made in its product development pipeline over the past four months
and the increasing interest in its products from high calibre
global partners.
The Directors are presently further evaluating each of the
markets in which TyraTech has developed products or has a
development pipeline, in order to focus the Company's resources on
those opportunities with the greatest potential returns to
shareholders. Accordingly, the Company may seek to obtain value for
some areas of application of its technology in order to reinvest in
others.
For further information please contact:
TyraTech Inc.
Alan Reade, Executive Chairman Tel: +1 919 415 4310
Peter Jerome, Chief Financial Officer Tel: +1 919 415 4280
N+1 Brewin, Nominated Adviser and Joint Broker
Aubrey Powell / Robert Beenstock / Alex Wright Tel: +44 20 3201 3170
First Columbus LLP, Joint Broker
Chris Crawford Tel: +44 20 3002 2070
This information is provided by RNS
The company news service from the London Stock Exchange
END
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