Provalis sales suffer, pharmaceutical arm attracts interest

Losses at the healthcare firm Provalis have encouraged the company to look into selling its pharmaceutical division.

It claims that it has received a number of offers for the business, which sells a variety of treatments for osteoporosis, migraine, osteoarthritis and zinc deficiency.

It said that several advisers had been appointed to assist in the process, and that the board had already received several “indicative offers which are currently being progressed.”

Interim chief executive Peter Woodhead, who is conducting a strategic review of the company, said that sales of in2it had been “disappointing” and that “significant sales are unlikely until certain technical issues, the consequences of which have only recently come to light, are addressed.”

He added: “The board is focused on resolving these issues, as well as determining how to generate the best value from the in2it technology and the diagnostics business as a whole.”

The company reported that sales up to July of this year were down to ?10.4 million, slipping ?2.5 million from the year before. The firm had made a loss of ?5.3 million, also an increase on the year before.

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