Blis Technologies has outlined a "challenging year" that it attributes to changing distributors and obtaining regulatory approval in the United States, China and Europe.
In a presentation to shareholders at the recent annual meeting, chief executive Barry Richardson said the need to build a new distribution relationship meant sales remained "very disappointing", but that was now turning around.
In May, the Dunedin biotech company announced it had posted its eighth consecutive loss - a $1.7 million deficit for the year ending March 31.
The company's primary business focus was ingredient sales.
It now had many delivery systems for dietary supplement and food applications, including lozenges, gum, powders, ice-cream and yoghurt, and, increasingly, more clinical and scientific support for its products which was essential for business success, Dr Richardson said.
It continued to advance its business based on four key strategies - broadening its applications for Blis oral probiotics (K12 and M18), achieving regulatory approvals to allow sales in key markets, strengthening its intellectual property position, and forging key international partnerships.
Future priorities included a capital raising process initiated in March, obtaining various regulatory approvals, and building ingredient sales in North America, Europe, Israel and Asia.
Blis Functional Foods was formed to market the existing Gourmet Ice-Cream Company products and K12 functional foods based on ice-cream and yoghurt, following the acquisition of the Dunedin-based Gourmet firm last year.
Strategic intent was in international markets while the current New Zealand strategy was building South Island sales, as well as in the north, particularly Wellington and Auckland.
Oral probiotic ice-cream was selling well, he said.
