5th Aug 2014 09:25
LONDON (Alliance News) - Rex Bionics PLC published its maiden results as an AIM stock on Tuesday, showing a loss in the first half but expressing optimism for the future as it also announced a change of chief executive.
Rex, which raised GBP10 million in its initial public offering in May, said its total loss for the six months to May 31 was GBP1.246 million, wider than the GBP75,000 loss it made a year earlier when listed on the ISDX Growth Market.
The firm said its cash reserves had increased substantially over the period, from around GBP300,000 last year to GBP8.78 million, owing to the IPO proceeds.
Rex said Crispin Simon has been appointed as its new chief executive and is due to take up the role when the incumbent, Jeremy Curnock Cook, moves across to become deputy chairman in October.
In spite of the loss, the group expressed optimism for the rest of the year, saying its international commercialisation plans are accelerating as its UK sales and marketing teams are now in place.
"Based on the progress achieved to date, I believe we have good reasons to be very optimistic about the future," said Rex Chairman David Macfarlane.
Macfarlane added the firm has seen strong interest internationally in its technology and said it was in advanced discussion over the first sales of Rex Rehab since its IPO.
Rex shares were untraded at 181.50 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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