Environmentally-friendly pesticides technology supplier TyraTech Inc hopes to reduce its cash outflow this year as well as make progress with its partnerships with much larger organisations.
Revenues were flat at $5.86m in 2009, while the cash outflow from operations was $7.86m. Product revenues are growing with milestone payments lower last year. Active ingredient sales will begin this year.
TyraTech’s main partners are Kraft Foods, Terminix and Arysta Life Sciences. Kraft is using the technology in human nutraceuticals and animal health. A problem with the taste of the products has been rectified.
Terminix wants to use the technology and its own brand recognition in the pest control sector to build revenues in the consumer and catering sector. It also uses the products in its own service business. Arysta wants to develop agricultural products.
TyraTech intends to move its headquarters from Florida to North Carolina, which has a more readily available skills base in the sector.
The cash balance was $1.3m at the end of 2009. Since then TyraTech has raised a further £2.2m at 9p a share, of which one-quarter came from directors. The additional cash will help to finance partnerships and give these partners more confidence in the longevity of the business. TyraTech believes that it could be cash generative in the first half of 2011.
There is a $2.7m claim from Molecular Securities for work it says that it carried out and this should be resolved in court this year.
At 13p a share, TyraTech is valued at £6.14m.
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