Aptamer Group PLC on Monday said its work to test Optimer binders with Unilever PLC continues, while it anticipates a sharp decline in annual revenue.

The York, England-based biotechnology firm said it estimates that revenue more than halved to about £850,000 in the financial year that ended June 30 from £1.8 million in financial 2023.

‘Following the lull in customer confidence caused by the acute funding problem in August 2023, confidence had to be rebuilt with customers which translated into the rebuilding of the sales pipeline,’ Aptamer said. It emphasised that about £550,000 of the expected revenue for financial 2024 - meaning more than half - was generated in the second half of the year.

The company added: ‘In addition to the order book, we have a current pipeline of advanced sales negotiations totalling £2.1 million. Consequently, Aptamer Group is well-positioned moving into the new financial year, with ongoing work progressing through the lab and a robust sales pipeline.’

Separately, it said work to test Optimer binders is ongoing in Unilever PLC’s labs, with Unilever planning to conduct on-person functionality studies in the second half of 2024. Aptamer in 2022 had started a partnership with Unilever for the development of Optimer binders aimed at treating malodour in personal care products.

Chief Technical Officer Arron Tolley said: ‘If the Optimer binders continue to progress through the testing and manufacturing stages in Unilever’s hands, then we anticipate the completion of this project within two years.’

Aptamer shares were up 9.3% to 0.74 pence each on Monday morning in London. The stock is down 85% over the past year.

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