Evocutis looks to secure future through IP deal

SKIN research business Evocutis today said it is looking at a deal to sell its intellectual property and research rights to a quoted company.

The Wetherby-based firm, which put it self up for sale but failed to find a buyer after talking to 100 possible suitors, today said that while it had reduced its annual losses to £1m in the year to July 31, it is now looking to capitalise on its IP assets and hopes to conclude a deal within three months.

In December the group gave all its employees notice of redundancy and chairman Tom Bannatyne admitted “the past year has been a difficult one for Evocutis”. 

He said: “The board considers that the value within the group vests in the LabSkin technology and the group’s other intellectual property assets. The directors have changed the focus of the group’s activity from that of providing contract research services ourselves utilising our intellectual property, to that of managing the intellectual property portfolio to generate an income stream from royalties from third parties.” 

The business achieved revenues of £395,000 last year, compared to £457,000 the year before.