LONDON (Alliance News) - Evocutis PLC posted a slightly wider pretax loss for the year to end-July 2014, as it transitioned from a trading company to an investing company and focused on selling its intellectual property assets.
The company posted a pretax loss of GBP197,000, compared with GBP182,000 a year before, as lower administrative expenses were offset by a GBP72,000 impairment of an available-for-sale asset, its shares in Venn Life Science Holdings PLC.
Evocutis sold its LabSkin, SYN1113 and other intellectual property to Venn Life Science in March 2014. Following this it became an investment company.
In December the company acquired an initial 10% interest in Brazil Tungsten Holdings Ltd, which holds a 25 year lease over the Bodó Tungsten Mine in Rio Grande do Norte in Brazil for USD1 million. It has an option to increase its hold to 20% by investing a further USD1 million towards mine expansion.
Shares in Evocutis closed down 1.5% at 0.320 pence Tuesday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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