Remote Monitored Systems PLC (LON:RMS) said it has begun searching for a new chief executive as it clarified its future direction and strategy targeting growth of sales of its ProLarva face mask and the development of new products at its subsidiary Pharm 2 Farm Ltd (P2F).
In a trading update for the period to April 30, the AIM-listed firm said P2F is “confident that it now has a smooth running, high-quality supply chain” for the production of its face mask product, adding that it also expects to make further progress in the next few weeks over issues with its mask-making machine.
Meanwhile, the company said P2F is now in a position to increase its sales and marketing efforts and has entered into a distribution agreement with Numed Holdings Ltd, which will supply the P2F mask into GP, dental and veterinary surgeries, opticians and care homes across the UK and Ireland. RMS added that P2F is also in discussions with several potential large customers in the UK and overseas and hopes to announce “some significant orders in the near future”.
The group also said an agreement with Francis McIntyre Ltd, announced on March 4, has experienced administrative delays which means it is not in a position to make orders beyond the initial 100,000 masks, although this is expected to change once listing criteria of the ecommerce platform are approved.
Additionally, RMS said the development of two more products by P2F beyond its face mask is ongoing and it is “confident given the progress to date”, adding that the long-term value of P2F lies in exploiting opportunities in the fields of human health and nutrition and also in advanced materials through its ability to “produce consistently sized and shaped nano-particles and incorporating them in innovative products”.
With its future strategy now clearer, the firm said it is commencing the search for a new CEO, and in the meantime will focus on continuing to grow mask sales, developing new P2F products, and finalising its accounts which it plans to issue at the end of May.
“At the start of last year, prior to the pandemic, P2F was a small research driven business with a unique way of manufacturing nano-materials such that the size and shape could be tightly controlled, which was developing products for the agricultural sector that utilised the properties of nano-particles to be more easily and quickly absorbed by both plants and animals. With arrival of the pandemic, the team realised that they were in a position to assist society by embedding copper nano-particles, which have proven anti-bacterial and viricidal properties, into face masks,” RMS executive chairman Antony Legge said in a statement.
“The commercial and technical challenges along that route should not be underestimated and the team deserved to be congratulated for all that has been achieved to date. In addition, the work on the mask has led to the development of other, and potentially more exciting, products. While the team had hoped to be in a position to secure larger orders sooner for P2F’s ProLarva mask, it is only recently that supply chain issues have been resolved such that P2F has the capability to meet any large orders and we look forward to announcing further sales progress in due course.
“Long term, the board is committed to building up the research and development side of the business, marketing the ability of nano-materials and out-sourcing the manufacturing to third parties,” he added.