venn life sciences holdings (VENN) Snapshot

Venn Life Sciences Holding Plc announced audited consolidated earnings results for the year ended December 31, 2012. For the year, the company reported revenue from continuing operations of EUR 2,680,000 against EUR 3,439,000 a year ago. Operating loss was EUR 1,124,000 against operating profit of EUR 1,247,000 a year ago. Adjusted LBITDA was EUR 525,000 against EUR 831,000 a year ago. Loss before income tax was EUR 1,150,000 against income before income tax of EUR 1,237,000 a year ago. Loss for the year was EUR 1,172,000 or EUR 0.12 per basic and diluted share against income for the year of EUR 1,211,000 or EUR 0.13 per basic and diluted share a year ago. Net cash used in operating activities was EUR 839,000 against net cash provided by operating activities of EUR 1,087,000 a year ago. Purchase of property, plant and equipment was EUR 18,000 against EUR 77,000 a year ago. LBITDA was EUR 1,081,000 against EUR EBITDA of EUR 1,278,000 a year ago.

Venn Life Sciences Holding Plc (AIM:VENN) is seeking acquisitions. Tony Richardson, Chief Executive Officer of VENN Said, "There are three key areas on which we must deliver during 2013 and beyond. The first is investing in the existing business base and delivering significant organic growth. The second is through the active pursuit of an acquisition strategy to help accelerate the growth of the business and the third is through the establishment of a new co-development division, called InnoVenn, an initiative through which I believe we can deliver some exponential value for shareholders."

Venn Life Sciences Holding Plc announced the launch of InnoVenn, Venn's new innovation division set up to focus on co-development opportunities, particularly in the medical device arena. The goal of InnoVenn is to accelerate the commercialization of life science products in the later stages of development. InnoVenn's first co-development initiative will be a joint venture with two Irish biomedical companies, Cellulac Limited and Biopharmed West Limited, developing the next generation of biodegradable human implants, to replace the widespread use of titanium in orthopedic surgery.