nanosynth group plc (LON:NNN), the AIM quoted company specialising in the synthesis and application of nanoparticles to create new and improve existing products, has presented its unaudited half yearly report for the six-month period ended 30 June 2022.
Operational highlights for the period:
· Successful trial results with Volz Holdings and REACH UK registration
o Creating potential to lead to wider adoption by the global filtration industry
o Pipeline of interest is already at an advanced stage
· Joint development agreement with a global wellness company for their first project in the cosmetics market
o On successful completion, opportunity to enter into an exclusive commercial agreement for the supply of nanoparticles for this cosmetics market
· New share subscription agreement to raise £2,942,500
o Proceeds to be used primarily to fund its working capital requirements as the Group looks to commercialise its bespoke nanoparticle technology
· Directors continue to purchase shares in the Company
o Confidence in considerable potential of the Group’s nanoparticle technology
· Strengthened Board
o New board members enhance commercial expertise and corporate governance
Mark Duffin, nanosynth Chief Executive Officer commented:
“We are pleased with the recent updates that we have been able to share as a result of the hard work especially during the last 12 months. The REACH UK registration will allow our partner Volz to apply antiviral technology to all their products. This has the potential to lead to wider adoption by the global filtration industry. The first project in our R&D programme that was secured is a testimony to our leadership in the nanotechnology market. Confidentiality and competitive advantage remain our priority during the development stage and we look forward to potentially becoming exclusive partners in the future. The funding arrangements with Lanstead provide further working capital as the Group looks to commercialise its bespoke nanoparticle technology.
“As a result, we are very excited about the future of the business and are confident about the near term prospects of the business.”