Deinove: Progress Implementing The New Strategy
Edison | Apr 06, 2017 06:20AM ET
Progress has been made in implementing the new corporate strategy and Deinove (PA:ALDEI) expects commercial revenues from FY18. Cash resources are sufficient to finance the business for the rest of FY17 and into FY18. Upside for the shares will be dependent on Deinove’s ability to demonstrate commercial deployment of its technology and generate revenue in its target markets.
Reshaping the business
Deinove has made progress in implementing its new strategy (ex-biofuels), which is now focused on two areas: healthcare (antifungal and antibiotics) and industrial biotech (cosmetics and nutrition). Reflecting its strategic objectives Deinove has reconfigured its board, appointing four directors with considerable experience in the pharmaceutical industry, including Charles Woler as Chairman. In healthcare, where a significant market opportunity exists to develop new antimicrobial drugs, Deinove completed (January 2017) its acquisition of Deinobiotics (now 100% owned) and has appointed Bernard Scorneaux (March 2017) as preclinical project manager for the division. Deinove also recently concluded in vitro tests on a number of wild strains of bacteria and successfully identified a number that possess properties which make them suitable candidates for use in its target markets. Following the screening programme, Deinove announced the formation of a partnership with Greentech to develop and market active ingredients for skin care (complementing those with Avril and Flint Hill Resources in nutrition). Deinove expects to bring its first product (carotenoids) to market by the end of 2018. We forecast the first commercial revenue from the Deinochem project in 2018.
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