London-listed Concepta (AIM:CPT)
informed investors that it is focused on driving commercial success for its home-use fertility and pregnancy product, myLotus® in 2020 and beyond.
The UK-based healthcare group said that it had made ‘substantial progress’ to establish an operational structure in which to advance opportunities for myLotus® as well as new products.
The management team, including newly appointed CEO Penny McCormick, has achieved a 20% cost reduction to the current operating overhead, the impact of which will be outlined in the financial year ending December 2020, the company noted.
"I joined this Company because of my belief in the commercialisation potential of myLotus®, a product that has already been proven in a highly regulated market,” said McCormick.
Shares in Concepta were trading 4% higher at 1.3p on Wednesday morning.
Concepta has said it will launch a ‘modest’ clinical trial with a leading London hospital in the first quarter of 2020.
The group acknowledged the importance of the trial in highlighting the accuracy of myLotus® when measured against in-clinic processes as well as demonstrating its overall value to the patient.
McCormick said the group possessed a “clear opportunity” to drive commercial success for myLotus® in order to “help women worldwide gain a better understanding of their fertility when looking to conceive.”
The company added that it would look to establish its current product more firmly within the fertility health space during 2020 whilst also working on a wider portfolio for myLotus® from 2021 onwards.
“We have a business with substantial upside opportunity that is now in a position to deliver upon its potential,” added McCormick.
According to Forbes, the Femtech market has the potential to garner $1.3 billion worth of investments in 2020.
Concepta’s full year results are expected to be released towards the end of April 2020.
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