(Alliance News) - Concepta PLC on Wednesday unveilved a new marketing plan for myLotus product and said it will outsource its UK manufacturing, a move which has results in its chief operating officer standing down immediately.
The pregnancy testing kit developer said it will streamline the marketing team for the myLotus self-testing pregnancy kit, to establish "a more effective core team".
The firm said it will also launched a commercial website for the product, in a bid to establish a "cross-channel marketing strategy".
The company said myLotus is in the "early stages" of a commercial roll-out, with Concepta eyeing to boost the brand's presence on the Amazon.com Inc marketplace. Concepta also wants to "build open strong listings" on Walgreens Boots Alliance Inc's boots.com online store.
Concepta added: "In addition, the company expects to launch a modest clinical trial with a leading London hospital in the first quarter of 2020, to further highlight the accuracy of myLotus when measured against in-clinic processes, and demonstrate the value of this product to the patient."
Turning to cost-cutting, the company has already targeted a 30% cut in operating expenses, to be delivered in the year ending December.
In addition, the company is also mulling outsourcing its manufacturing to a UK-based third-party.
Concepta added: "This will have the added benefit of further reducing the company's operational cost-base and will allow the team to focus entirely on furthering the company's portfolio and commercial activities. As a result of this strategy, the company's Chief Operating Officer David Darrock, has agreed to stand down with immediate effect."
Looking to 2021, the company said it will build its product portfolio around myLotus and in the fertility health industry.
Concepta said: "A substantial portfolio product development programme is now underway, with new products expected to be ready for commercialisation in the next 12 months."
Shares in the company were 4.0% higher at 1.30 pence each in London on Wednesday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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