28th Oct 2013 15:02
LONDON (Alliance News) - Shares in Evocutis PLC dropped 12% after it said warned Monday that the future of the company is in doubt unless it can conclude the small number of opportunities it is pursuing for its Labskin technology and raise new financing.
Following a general meeting to discuss what measures should be taken, the company said if it can't conclude any of the talks or raise new finance, it will have to consider its viability and an attempt to rescue as much as value as it can to give back to shareholders.
On October 2, the company said it was no longer in discussions over a merger or sale of the company and terminated its formal sale process. However, its net assets are worth less than half of its called up share capital.
Evocutis is a biotechnology company that focuses on skincare. Its shares were trading down 12% at 0.950 pence Monday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Related Shares:
EVO.L