Shares digital

The shares of healthcare detection and monitoring systems developer IDMoS (IDO:AIM) tumbled by more than 70% to 8.5p after it revealed that its performance is likely to fall significantly below market expectations and that it is considering putting itself up for sale.

IDMoS cited lower than expected takeup of its products in recent weeks, partly due to limited commercialisation resources. A planned issue of 6.6 million shares to raise around £1.5 million net of expenses announced last month is also no longer going ahead. The company says it is now 'exploring other options for financing its working capital requirements including a potential combination with a profitable, privately held company'.

The group is discussing a range of transactions with this company, including an offer for IDMoS, although discussions are said to be at an early stage.

IDMoS recently underwent a restructuring programme but saw losses widen at its preliminary results in January.

Shares says: Yet another setback for the group and the shares continue to disappoint.

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by: Rachel Robson