8th Feb 2016 08:24
LONDON (Alliance News) - PuriCore PLC on Monday said it will now focus on its hypochlorous acid platform technology following a strategic review, and will consider options for its Supermarket Retail business, including a potential spin-out or sale.
The company said that a review led by recently appointed Chief Executive Officer Alex Martin had generated "compelling evidence" in support of the hypochlorous acid technology for the potential treatment of a number of diseases in areas including dermatology and ophthalmology.
PuriCore expects that, if it is successful in clinical development, it will file two investigational new drug filings with the US Food & Drug Administration in the first quarter of 2017 and begin clinical testing thereafter. It has begun looking for a chief medical officer to support these plans.
Elsewhere, the company said it expects to report revenue of USD23.4 million for 2015, up from USD17.1 million a year before, primarily underpinned by growth from the company's Supermarket Retail business.
The company said that, in light of the potential to "generate significant shareholder value" through its drug development strategy, it is considering options for the Supermarket Retail business, including spinning it out into a stand-alone and potentially separately funded entity, selling the business, or establishing a joint venture with a strategic partner.
PuriCore noted that the US Environmental Protection Agency has been reviewing its concentrate products as part of an ongoing investigation, and it has been asked to provide additional information related to previous sales and promotion of these products. The company said it is fully cooperating with the EPA, and will continue to update the market "as appropriate".
Shares in PuriCore were up 9.1% at 24.00 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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