Oxonica is an advanced materials business.
The Company has an ongoing licence agreement with BD (formerly Becton, Dickinson) related to bio-diagnostic products. There is no guarantee that a significant royalty stream will develop.
The Company also has a licence agreement with Croda Europe Ltd. in respect of UV protection products which generates an annual royalty stream.
The cash position of the Group is now relatively stable and the cost base of the Company has been reduced to a very low level.
The Board’s primary objective is to continue to seek to return surplus capital to shareholders as tax efficiently as possible, based on returns from these licence agreements.