REG - Ovoca Bio PLC - Publication of 2024 Annual Report

Ovoca BioAnnouncement

26/06/2025 07:00

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RNS Number : 4459O  Ovoca Bio PLC  26 June 2025

26 June 2025

 

Ovoca Bio plc

 

("Ovoca" or the "Company")

 

 

Publication of 2024 Annual Report

 

Dublin, Ireland, 26 June 2025 - Ovoca Bio announces the publication of its
audited Annual Report and Financial Statements for the year ended 31 December
2024. The Annual Report and Financial Statements are being posted to the
Shareholders today, and can be viewed online at the following link:

 

https://ovocabio.com/results-reports-presentations/
(https://ovocabio.com/results-reports-presentations/)

 

2024 Highlights:

During 2024, the Ovoca management team focused on the following key areas:

 

·      Evaluation of the value of the IP and if there was a possibility
of recouping any financial value in the sale of IP held by the Company. It was
previously determined that the value of the IP was impossible to ascertain
accurately, and consequently Management made the decision to write it down to
zero. The efforts shifted to the investigation of potential new opportunities
for the business.

 

·      Due to the end of Orenetide R&D and the write off of its
related IP, it was critically important for the Company to manage its
financial resources carefully throughout 2024. The Management and the Board
have worked to lower costs, mainly related to R&D activities being
suspended, to ensure the Company has sufficient funding to cover its
expenditure as required and remain a going concern.

 

Letter from the CEO

 

Dear Shareholders of Ovoca Bio Plc,

 

This is our 2024 Full Year Annual Report. The Company experienced significant
changes during the course of the year upon the unsuccessful Clinical Trials
results which was announced on 31 August 2023. Since that time, and after a
thorough review and evaluation of the Clinical Trials, management and the
Board of Directors decided to first wind-down the business involvement in the
pharmaceutical sector, a task that has required a lot of legal and financial
effort to achieve, and second to reorient the Company to a new business focus.

 

As part of that effort, the Company has been active in winding-down the
corporate infrastructure put in place since 2018 to support the development of
Orenetide, the Company's proprietary peptide. Subsidiaries in Australia,
Ireland and Bermuda have been either put on care-and-maintenance or divested,
staff and consultants involved in the pharma business have been let go, and
old corporate service providers have been replaced to give a fresh start to
the Company. The goal of these actions is to position Ovoca to be as clean and
lean as possible to best facilitate a transition to a new business endeavour.

 

I acquired a large stake in the Company in July 2024 and quickly moved into
the CEO position to take Ovoca in a new direction. Our Board of Directors got
smaller in that time, and we later named a new CFO. For the second half of
2024 management focus was on resolving all legacy issues connecting Ovoca to
the pharmaceutical business and on evaluating new opportunities.  The best
days of Ovoca are yet to come and I ask all shareholders to watch the Company
for upcoming exciting news about our new direction.

 

I would like to take this opportunity to thank the whole team at the Company
and the members of the Board of Directors for their perseverance, hard work
and invaluable contribution to the further development of Ovoca.

 

 

 

Annual Report

 

The Annual Report and Financial Statements will be posted to shareholders
today and are also available online at the Company's
website, www.ovocabio.com (http://www.ovocabio.com/) .

 

 

End

 

For further information:

Ovoca Bio plc

Timothy McCutcheon (Chief Executive)

Tel +353 1 661 9819

info@ovocabio.com (mailto:info@ovocabio.com)

 

Beaumont Cornish Limited (Nominated Adviser and Broker)

James Biddle/ Roland Cornish

Tel: +44 (0) 207 628 3396

 

Nominated Adviser Statement

 

Beaumont Cornish Limited ("Beaumont Cornish"), is the Company's Nominated
Adviser and is authorised and regulated in the United Kingdom by the Financial
Conduct Authority. Beaumont Cornish's responsibilities as the Company's
Nominated Adviser, including a responsibility to advise and guide the Company
on its responsibilities under the AIM Rules for Companies and AIM Rules for
Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont
Cornish is not acting for and will not be responsible to any other person for
providing the protections afforded to customers of Beaumont Cornish nor for
advising them in relation to the transaction and arrangements described in the
announcement or any matter referred to in it.

 

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