LONDON (Alliance News) - Concepta PLC stock was down Thursday as the company widened its interim loss on delays to its healthcare products.
Shares in Concepta were down 19% at 3.68 pence each.
The company also announced that Chief Executive Officer Erik Henau will be stepping down from the board with immediate effect to take up the role of business development director, where he will lead a new client sales drive.
Chief Operating Officer David Darrock will be promoted to the board immediately, as a director.
The company said these changes reflect the company's "transition" from a laboratory-based research facility to a manufacturing and selling commercial company.
In the six months ended June, the women's healthcare company widened its pretax loss to GBP1.5 million from GBP1.2 million. Concepta generated no revenue in the first half, in line with the year before.
The company's cost of sales nearly doubled to GBP307,623 from GBP172,996, leading to the increased operating loss.
Looking ahead, Concept said it is "firmly focused" on revenue growth in the short term as its myLotus product nears UK launch.
myLotus "addresses the issue of timing of intercourse in relation to your fertility hormones." The company expects to launch in the next period which it is "determined" to deliver.
Concepta said the progress from its trial from the Changai hospital in Shanghai has been "disappointing" and as such will be "re-balancing its resource commitment" to China.
The company believes the results were "positive" but due to its "limited bandwidth" and revenue growth, it will focus its efforts on the UK launch of myLotus.
Chairman Matthew Walls said: "The board recognise there have been delays in delivering our products to market but with the changes made to the organisation and our pending UK launch we have the opportunity and expertise to deliver a globally leading product to a rapidly growing home testing diagnostic space. We are committed to delivering this for our investors."
