Leeds spin-out Evocutis aims to remodel its business into either selling or licensing its LabSkin product after disappointing 2013.

Evocutis, a life sciences spin-out of Leeds University, is looking to either sell or license out its LabSkin product after poor performance in 2013.

The decision comes on the back of a stalling in takeover talks in the last quarter of 2013 as the company looked to merge with another firm from the UK, US, or Europe. The company warned at the time that it may go bust without developing new trading relationships.

Evocutis’ primary product, LabSkin, simulates living skin tissue with the intended market of pharmaceutical and cosmetics markets. However, the product has yet to make any money for Evocutis.

Gwyn Humphreys, interim chief executive at Evocutis, said: “The past year has been a difficult one for Evocutis. Whilst the group has achieved sales revenues of £395,000 and a reduced overall loss for the year of £1.01m the board agreed that the unpredictability and magnitude of revenue generating contracts was a significant problem.”

Commercialisation firm the IP Group held a 16.7% stake in the firm as of 31 December 2012.