LONDON (Alliance News) - Evocutis PLC Wednesday posted a widened pretax loss for the half-year ended January 2013, and subsequently transitioned into an investment company in March.
During the half-year the company made all of its operational staff redundant, and it opted to discontinue its research consultancy and LabSkin services, following a difficult trading period.
Following the end of the half-year, the company sold its LabSkin and SYN1113 intellectual property and related assets to Venn Life Sciences Holdings PLC for 864,706 shares and potential further consideration based on future sales. In March the company agreed to surrender the lease on its operating property.
After this disposal it will not undertake its plans to move into an investment company, it said, retaining an investment in Venn.
Evocutis is now required to make an acquisition or acquisitions constituting a reverse takeover under AIM rules or implement its investment policy within 12 months of a general meeting.
If this does not happen, Evocutis will consider whether to continue seeking investment opportunities or begin winding up its business.
The company posted a pretax loss of GBP66,000, widened from GBP59,000 in the previous year.
Its discontinued operations posted revenue of GBP49,000, down from GBP226,000 in the previous year.
Shares in Evocutis last traded up 39% at 0.265 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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