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Evocutis

  • BY: Andrew Hore |
  • POSTED: 03/12/2013 |

Skin treatments developer Evocutis is continuing with its strategic review but it has given all of its employees notice just in case a potential deal does not go ahead. 

The share price slumped by more than one-third to 0.3p, which values Evocutis at 524,000.

The strategic review has been going on since the beginning of October when a formal sale process came to an end. The only employees that have not been notified of redundancy are board members, who are not drawing a salary. The employees are working their notice periods.

Evocutis needs more cash to push ahead with its Labskin technology. There was 1.03m in the bank at the end of January 2013. In the previous six months, the cash outflow was 449,000. Even with cost cutting, most of the cash will have gone by now and the cash figure is likely to be below the market capitalisation. Any cash left would be returned to shareholders if a proposed deal does not happen.

An acquisition has been identified. It is described as a small, private pre-revenue company developing products in the skin science market and it would be acquired through an issue of shares. This would be a reverse takeover and it would require additional cash to be raised if the deal goes ahead. 

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFNovember2013_50.pdf

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