- Pharmaceutical industry services group Venn Life Sciences booked a deeper annual loss after its revenue fell and it wrote down the value of its investment in skin care group Integumen.

The company said it expected additional financial resources to be required to execute its growth strategy.

Pre-tax losses for the year through December amounted to €5.0m, compared to losses of €1.8m on-year.

'The year has been challenging for the company with a need to closely monitor cash resources; a trend that continued into 2019, notwithstanding the cash realised from the recent disposals of investment assets,' chief executive Cathal Friel said.

'The new board has taken a very prudent approach to all matters associated with the past performance of Venn and is comfortable that the company now has a solid platform from which to move forward.'

'We are optimistic that with the commencement of deferred projects and a new business focus on rare and orphan indications, as demonstrated by the proposed acquisition of Open Orphan DAC, that the business can return to revenue growth in the near term.'

At 9:41am: [LON:VENN] Venn Life Sciences Holdings PLC share price was +2.65p at 5.3p

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