Funder hails early stage investment success
Finance Yorkshire has hailed its successful record of investing in early stage businesses following the AIM listing of OptiBiotix Health.
Based in York, OptiBiotix is developing products to tackle obesity, high cholesterol and diabetes. Prior to its AIM listing via a reverse takeover, Finance Yorkshire invested £520,000 from its Seedcorn fund to support the development of its programmes and human studies.
The company raised £3.3m via the reverse takeover and is using the funds to develop the intellectual property of OptiBiotix, to commercialise its products and for general working capital purposes.
Earlier this year, cleaning technology company Xeros, based in Rotherham, was listed on AIM after a series of Seedcorn fund investments by Finance Yorkshire.
Finance Yorkshire chief executive Alex McWhirter said: "OptiBiotix is another great example of the value that Finance Yorkshire brings to new and early stage technology and knowledge-based businesses.
"We invest having recognised the potential for high growth in these types of businesses and it is rewarding to see OptiBiotix in such a strong position within two years of its launch."
OptiBiotix was founded by chief executive Stephen O'Hara and chairman David Evans.
"Finance Yorkshire's initial investment in the business came at a vital time for us and provided us with much-needed support," said O'Hara.
To date, Finance Yorkshire, which won Alternative Finance Firm of the Year at this month's Insider Dealmaker Awards, has made 673 investments totalling more than £85.5m.
Picture (l-r): OptiBiotix chief executive Stephen O'Hara and Finance Yorkshire chief executive Alex McWhirter.