Business
Preliminary Announcement Annual report & ac...
Preliminary Announcement Annual report & ac....
About this update from Nanoco Group Plc
[{"type":"text","content":"\n \n\n\n\n\nFor immediate release\nWednesday 5 March 2008\n\n Evolutec Group plc\n (\"Evolutec\" or \"the Company\")\n\n Preliminary Results for the year ended 31 December 2007\n\n Actively seeking a single investment opportunity\n\nEvolutec Group plc (AIM: EVC), announces Preliminary Results for the\nyear ended 31 December 2007.\n\nHIGHLIGHTS\n\n\n * The loss for the year was £1.76 million (2006, loss £11.83\n million)\n\n\n\n * The Company made a small pre-tax profit of £0.17 million in the\n second half of 2007 reflecting the fact that interest payments on\n its cash deposits were sufficient to cover its cost base\n\n\n\n * Net cash and cash equivalents on 31 December were £5.8 million\n (2006, £8.7 million)\n\n\n\n * Based on 25.9 million issued ordinary shares, Evolutec had a cash\n value of 23.0p per share (2006, 33.6p per share) at the year end\n\n\n\n * The Company has out-licensed its intellectual property in the\n biopharmaceutical area to third parties\n\n\n\n * The Company is now classified as an investment company under the\n AIM rules.\n\n\n\n * The Company is actively looking for a single investment\n opportunity\n\n\nDavid Bloxham, Chairman of Evolutec, said:\n\n\"The Company is actively seeking a single investment opportunity that\nhas the potential to deliver value to all its shareholders in the\nnext twelve months. During this period all steps will be taken to\nconserve cash and cash equivalents in the Company.\"\n\nEnquiries:\n\nDr David P Bloxham, Chairman 07771 525 875\nMr Michael Meade, Numis Securities 0207 260 1000\nMr Oliver Cardigan, Numis Securities 0207 260 1000\n\nNotes for Editors:\nAbout Evolutec\n\nEvolutec is listed on the AIM market of the London Stock Exchange and\ndeveloped therapeutics originally isolated from the saliva of ticks.\nFollowing the unsuccessful outcome of Phase II clinical trials on its\nlead clinical trail candidate, the Company licensed its intellectual\nproperty to third parties and is now focussing all its activities on\nthe identification of a single investment opportunity. This will\ntake advantage of Evolutec's AIM listing and its cash and cash\nequivalent reserve,\n\n\n\nSafe Harbour statement: this news release may contain forward-looking\nstatements that reflect the current expectations of the Company\nregarding future events. Forward-looking statements involve risks...