Chromogenex shares returned from suspension after it published its 2007 accounts.
The shares fell 0.25p to 2.125p on their return from suspension.
The cosmetic and medical laser systems supplier reported lower revenues and a swing back into loss. Revenues were 8% lower at £4.12m and a profit of £335,000 was turned into a loss of £697,000. There was £130,000 of cash in the bank at the end of 2007.
Sales in Canada were delayed last year due to lack of regulatory approvals. These have come through but sales won’t get going until the second half of 2008. There will also be the launch of three new systems for laser assisted liposuction, body shaping and cellulite treatment. The cost base is also being reduced.
Chromogenex has received FDA approval in the US for its latest product the Chromolite EP (Enhanced Pulse). The company is keen to break into the US market. There were £81,000 of costs capitalised, which related to Chromolite EP’s development. It is used for unwanted hair and acne. There is scope to upgrade more than 1,700 systems around the world to the new system.
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