TyraTech Inc (LON:TYR LON:TYRU) shares jumped in mid-morning trading Wednesday after reporting progress across both its current and developing range of animal health products as the company released an update ahead of its results for 2017.
The AIM-listed life sciences group said unit sales of its PureScience Poultry Mite Dust product had increased by 250% from last year on a moving annual basis and was expecting growth in its US business despite a small market segment of less than US$5mln.
READ: Tyratech focused on animal health
The company also said it is planning to expand usage of the PureScience product into Europe, where the market is larger at an estimated US$40mln. Following positive field test results against the red mite (which is more prevalent in Europe) which showed 90% control over 4 months, the group said it was well positioned against competing products and had already registered PureScience in France, Germany, and the Czech Republic with a view to launching on the continent by the end of the year.
TyraTech also reported that sales of its equine fly repellent product, OutSmart, to its partner SmartPak were up sharply in the first part of 2018 compared to the same period a year ago.
The group added that SmartPak was launching a new product this year, a roll-on formulation specifically designed to apply the product on sensitive areas of horses (eyes, face etc).
Regarding Guardian, the company’s DEET-free mosquito and tick repellent, the firm said it had decided not to invest in the short term in its commercialisation but rather dedicate resources to follow the EPA registration process, with a view to strengthening its health claims to better compete with major players in the category.
Milestones in product development
The firm also announced several major milestones in the development of its new products for internal parasites, with two independent in-vitro tests conducted by North Carolina University and Virginia Polytechnic Institute and State University with TyraTech's formulations designed to combat coccidiosis in poultry showing a significant control (up to 98% depending on the dose) of Emeria (the agent of coccidiosis) and Histomonas meleagridis (a similar parasite to coccidiosis).
A further independent study administered to chicken showed the formulation could significantly reduce the severity of the lesions caused by coccidiosis.
The company added that it would also direct development efforts towards controlling intestinal and stomach worms in ruminants, a worldwide market valued at US$3bn.
TyraTech said multiple in-vitro studies had demonstrated that its formulations controlled several species of intestinal worms, with an in-vivo study conducted on pigs by the University of Georgia (USA) showing that the product significantly reduced the load of worms in the pigs by 70%.
Bruno Jactel, TyraTech chief executive, said: "We are pleased to show that, in a short period of time, we are making significant progress in developing new products and solutions for some of the largest animal health market segments and to answer some of the biggest un-met needs.
He added: “After numerous positive lab studies, we are now moving to the Phase II of our development pipeline to test our products against internal parasites directly on animals. Initial probe studies are encouraging and show that we are moving in the right direction.”
The company plans to release its results for 2017 by the end of May.
TyraTech shares were up 6.5% at 2.45p.