Takeover talks end for Evocutis as it looks at other options

SKIN research business Evocutis today said that talks over it merging or being sold had ended and it is looking at other options to secure its future.

The Wetherby-based loss-making business, which tests skincare products for the health and cosmetic market, has called a general meeting at the offices of law firm Walker Morris in Leeds on October 28 to consider whether it needs to take any steps over its net assets falling to less than half its called up share capital.

And while the board has terminated the formal sale process announced last December, Evocutis said that it “continues to evaluate a number of strategic options open to the company to maximise value for shareholders”.

It added: “The formal sales process has enabled the company to approach a number of parties on a confidential basis and has led to a number of potential strategic alliances being identified.  The board continues to review these opportunities to derive value from the company’s Labskin technology and is in talks with interested parties with a view to establishing potential strategic and trading relationships.  The company will provide a further update to the market as appropriate.”

LabSkin is a research tool that replaces animals for the testing of products to be used on human skin.

Last year Evocutis announced pre-tax losses had grown from £1.2m to £1.68m as turnover doubled from £227,000 to £457,000.