Evocutis in talks with parties overseas

The Wetherby-based company last month said that options include securing long term strategic partners for the business and may include selling the business. It appointed advisers Growth Innovators Group and Zeus Capital to review the options.

In an update today ahead of its annual general meeting, Tom Bannatyne, chairman, said: “The board is currently in discussion with a number of parties in Europe and North America. The significant contract revenues announced on January 17 have strengthened the company’s position in this regard.”

Evocutis announced earlier this month that it had won 10 new contracts worth a total of £280,000. It said all the contracts are with well-known global consumer healthcare companies and will be delivered over a two to six-month period.

The contracts cover a variety of areas including the use of Evocutis’ patented LabSkin product, which emulates living skin tissue and can be used in research and product testing. The contract values range from £9,000 for early exploratory research to £88,000 for larger scale product development analysis, and include early direct sales of LabSkin.

Mr Bannatyne added: “The process remains ongoing but the board is confident of a positive outcome in due course. The board will continue to keep shareholders updated on progress.”