Shares in IPSO Ventures tumbled to a new low after the technology commercialisation group posted a pre-tax loss in the year to 30 April amid "challenging" trading.

IPSO exploits innovations developed by researchers in universities and other institutions.

Pre-tax profits losses narrowed to £424,000 from £1m the previous year on revenues that rose to £154,751 from £83,073. The company had to launch an equity issue after failing to realise value from any of its assets, despite saying in January that it expected to do so.

Among the disappointments, Medermica a venture that has created a pH measuring devices for tiny volumes of liquid, has not yet been licensed as hoped.

"Through the actions we have taken during the year under review, the subsequent fundraising and the undoubted progress we have made in our portfolio, we believe that we are better placed to deliver improved shareholder value from our activities," the company said.

At 11.35am shares in IPSO Ventures were down by a third at 1.25p.

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RG

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