EVOCUTIS today revealed that it expected talks about the sale of the group’s technology and assets to be concluded within the next three months.
The Wetherby-based skin research company said that talks had been held with around 100 companies across UK, Europe and US as part of a formal sales process.
In a statement, the company said that a decision had been taken to change the focus of the company to that of managing its intellectual property. Discussions are ongoing regarding potential sale or licence of the group’s intellectual property assets
In the chairman’s and interim chief executive officer’s report, Evocutis said: “The past year has been a difficult one for Evocutis. Whilst the group has achieved sales revenues of £395,000 and a reduced overall loss for the year of £1.01m the board agreed that the unpredictability and magnitude of revenue generating contracts was a significant problem.”
Commenting on the outlook, the company said: “The directors believe that the ongoing discussions regarding the sale of the group’s technology and assets will be concluded within the next three months. The board expects to be able to make further announcements regarding this to shareholders in due course.”