Evocutis positioned to undertake new investing policy

SKIN research business Evocutis has seen a difficult trading period after losses widened, but said it is now positioned to undertake its new investing policy.
 
Earlier this year, Wetherby-based Evocutis agreed to sell its key intellectual property rights and assets to AIM-listed Dublin-based Venn Life Sciences. The deal, for £210,000, effectively saw Evocutis sell all of its assets and become an investment business. The loss-making firm put itself up for sale last year but failed to find a buyer after talking to 100 possible suitors and its directors accepted it was no longer strong enough to continue as an independent business.

In its interim results for the six months to the end of January 2014, the group announced that the loss for the period increased to £484,000, from £481,000 in the same period last year.

Tom Bannatyne, chairman, said: “After a difficult period of trading, I am delighted that we have concluded a deal with Venn Life Sciences Holdings in respect of our principal intellectual property portfolio.  Evocutis is now positioned to undertake its new Investing Policy from a stable cost platform, whilst retaining an interest in Venn’s future development of LabSkin and SYN1113.”