Chromogenex set to cancel AIM listing in an effort to cut costs
27 February 2009
Chromogenex, the medical group behind laser treatments for hair loss and acne, is planning to cancel its AIM listing, claiming it was no longer in the best interests of the company.
Chromogenex has had a torrid year as tightening credit markets had a major impact on the ability of potential customers to buy its products. As a result, figures for the year ended December 31, 2008, saw sales significantly down on 2007 and an increase in losses.
Management accounts see sales for 2008 of £2.1 million resulting in an operating loss of £1 million with additional losses likely due to a write down of inventory compared to 2007 sales of £4.1 million and an operating loss of £695k.
In an effort to keep the business running as a going concern, Chromogenex said it was keen to strip out costs, including a reduction in payroll and other expenses. In addition, the estimated £100,000 annual cost of maintaining the AIM listing was thought to be too much given its low capitalisation and low liquidity.
In addition, the company said in any potential future corporate transaction the current share price would make it very difficult to value its assets such as intellectual property, current assets and tax losses.
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