Evocutis reviews its future

The Wetherby-based company said that it has appointed Growth Innovators Group and Zeus Capital to evaluate a number of “strategic options open to the company to maximise value for shareholders”.

Options include securing long term strategic partners for the business and may include an offer being made for the company, Evocutis said.

It made the announcement as it released its final results for the year ended July 31, 2012.

Revenues from commercial deals doubled to £0.46m. Its adjusted Ebitda loss was reduced by 16 per cent to £0.91m. Pre-tax losses grew to £1.68m from £1.2m in 2011.

Evocutis changed its name from Syntopix last year after buying Leeds Skin for £900,000, a deal which transformed it into a services-dominated business.

Dr Gwyn Humphreys, interim chief executive, said: “These results show that the integration of Syntopix and Leeds Skin into Evocutis has led to significant growth in collaborations with major multi-national companies.

“Our collaborators are seeking the skill base at the core of Evocutis that enables them to strengthen their brands by providing scientific data that supports product claims. Evocutis aims to grow these relationships over the coming twelve months, and to increase the availability of LabSkin for those companies who wish to carry out research in-house rather than by contract relationships with Evocutis.

“Alongside these activities, Evocutis has engaged Growth Innovators Group and Zeus Capital, to assist in a strategic review of the company. The objectives of this process are to secure long term strategic partners for the business but may include an offer being made for the company.”

The company’s LabSkin skin models emulate living skin and are used as a research and product testing tool.