Aptamer Group: York life sciences firm narrows losses despite ‘challenging market’

The group reduced its staff headcount from 46 at June 30 2023 to 34 at the end of June 2024, which in part helped to reduce its cost base from a budgeted £6.4m per annum at the start of the financial year to £3.6m per annum as of August 2024.

The group said it had also made savings through its premises, leadership team costs and overheads, with its cost base also reduced by a further £0.3m since the end of the financial year.

Administration expenses for the year fell from £5m in 2023 to £3.2m in 2024.

Dr Arron Tolley, chief executive officer of Aptamer Group, said that through its new strategy, the group had focussed on internal asset development, regaining commercial traction and cost discipline.

He added: "Over the past year, we have made significant progress commercially and technically, under challenging market conditions.

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

The final quarter of the financial year saw the group win £1m in orders.

Aptamer Group has also announced planned tests for its products to be used as an active ingredient in deodorants made by Unilever, with the potential for further development and downstream licensing if the tests are successful.

The group added that it was in the second phase of development for its products to be used in an early Alzheimet’s disease lateral flow tests, and that it had seen “increased commercial traction” and the advancement to licensing for its work with a top five pharmaceutical partner.

Post period end, the company said it had achieved revenue from contracts progressing through its laboratory of £0.9m, subject to scientific attrition, including contracts with top 10 pharmaceutical companies.

Speaking on the company’s progression the year, Dr Tolley added: "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.

“We thank investors for their support during our placing in August 2024, which enables us to focus on advancing our Optimer assets and pursuing new opportunities through additional partnerships."

Earlier this year, Aptamer Group also launched a “group reorganisation” which saw Dr Adam Hargreaves appointed as non-executive chair of the group and Andrew Rapson appointed as chief financial officer in August.

Tim Sykes was also appointed to the Board as non-executive director in September.