StockMarketWire.com - Venn Life Sciences, an integrated drug development partner offering a combination of drug development expertise and clinical trial design and management to pharmaceutical, biotechnology and medical device organisations, swung to a loss in 2018 and has warned on profit.

Separately the company has announced the €6.6m of joint venture partner Open Orphan. As this constitutes a reverse takeover under AIM rules the shares have been suspended pending the publication of an admission document, expected in June 2019.

Revenue fell to €14.6m (2017: €17.8m) in 2018 as the company reported an EBITDA loss (before exceptional items) of €1.06m (2017: profit €0.96m)

There was also a write down of €2.2m on the impairment of intangible assets and a loss for the year after tax of €4.5m (2017: €1.5m) after a charge of €2.6m (2017: €1.7m) being an investment write-down on Integumen PLC (€0.4m) and impairment of intangible assets (€2.2m).

The company confirms an arrangement of €1m loan note in December to support working capital and collaboration with Open Orphan. It had cash and cash equivalents of €1.1m as at 31 December 2018 (2017: €1.2m).

Post the year end the company has experienced a continuation of prior year trends with low utilisation resulting in revenue and EBITDA being behind management forecasts for the year to date.


At 9:46am: [LON:VENN] Venn Life Sciences Holdings PLC share price was 0p at 2.65p



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