News blog

Evocutis

  • BY: Andrew Hore |
  • POSTED: 26/12/2011 |

Tom Bannatyne, the chairman of skin treatments developer Evocutis, invested a further £20,000 in the company.

He has acquired 750,000 shares at 2.625p each, which takes his stake to 8.5%.

Evocutis is the new name for Syntopix following its purchase of Leeds Skin in May 2011.

Evocutis paid £900,000 in cash (£259,000) and shares (£641,000) for Yorkshire-based Leeds Skin Centre for Applied Research. Leeds Skin runs a testing facility and provides laboratory services and it generated turnover of £514,000 in the nine months to December 2010. The operating profit for the period was £149,000 and the acquisition should be earnings enhancing. Leeds Skin has its own LabSkin technology, which is a unique human equivalent skin which can be used to model various properties associated with human skin.  This will help Evocutis develop its antimicrobial products.

Group revenues grew from £151,000 to £227,000 in the year to July 2011 but the loss rose from £1.11m to £1.22m. Three customers account for 95% of revenues.

Evocutis has improved the formulation of acne treatment SYN1113 and it is collaborating with Sinclair IS Pharma on the commercialisation of its delmopinol mouth rinse.

Evocutis raised £2m at 4p a share to finance the acquisition and provide working capital for the group. Net cash was £2.32m at the end of July 2011. The underlying costs of the business are £1.3m a year.

At 2.62p a share, Evocutis is valued at £4.55m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFDecember2011_27.pdf

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