Insecticide specialist TyraTech (LON:TYR) expects revenues to pick up in 2013 as it introduces new ranges of both personal care and animal health products.
Sales in 2012 dropped to US$3.6mln (2011: US$7.2mln) while there was a loss over the year of US$2.9mln (US$2.7mln), but Bruno Jactel, chief executive, said the new ranges are attracting interest from major global animal health and consumer products companies, as well as major US retailers.
A fund raise of $4.3mln in April 2013 had given it the resources to continue to develop its products while it negotiates with existing and potential new partners, he added.
Envance Technologies, the joint venture set up between Tyratech and US firm AMVAC, had started sales of the Terminix-branded insecticide products nationally through The Home Depot, he said, while test marketing is underway at 100 Target Corporation's stores.
Jactel added: “Furthermore, we are evaluating each of the markets in which we have developed products or have a development pipeline, in order to focus our resources on those opportunities with the greatest potential returns to shareholders.
“Accordingly, the company may seek to obtain value from some areas of application of its technology in order to reinvest in others.”