Remote Monitored Systems PLC (LSE:RMS, FRA:R22) (LSE:RMS) chairman Antony Legge highlighted that its shareholder base has tripled in the past year, driven by investor interest in the Pham 2 Farm business and its copper-nanoparticle featuring anti-viral masks.
The product was seen as a potential game-changer during the first year of the Covid-19 pandemic though Legge, in a statement ahead of today’s AGM, highlighted that a business can’t be built around the short term demands of a single event.
“Nor does such a narrow focus accurately reflect the underlying value of the intellectual property within the business,” he added.
Legge noted that since the start of the year the priority was mask production business where, he said, expectations had run ahead of what was deliverable. Since then attention has returned to the core business of developing innovative solutions using the company’s patented nano-production capability.
The chairman said that the company’s challenge is to find commercial applications where its technology can add significant value to the end-user and it recently announced the launch of a new liquid nutrient for plants, building on the original work by Pham 2 Farm.
Pharm 2 Farm has been advancing a number of efforts to commercialise technologies, including a product that may counter the effect of citrus greening (which diminishes fruit quality and impacts yields) and separately new foodstuff for monogastric animals where nanoparticles can significantly improve the bioavailability of key nutrients.
Legge said talks are continuing with potential partners for the in-development products, whilst noting that the rollout of such products can take several years to bring to fruition.
He added: “The company is currently investigating many other opportunities. Progress on these new products has been delayed due to the development of and focus on the anti-viral mask, which has absorbed significant amounts of time for what is a very small team.
“This is not to suggest that the development of the anti-viral mask was a failure. Far from it. Although sales have not come through as had been hoped at the height of the pandemic last year, the creation of the anti-viral layer has led to other opportunities in the general filtration market that are now being investigated.”
The chairman also highlighted efforts to strengthen the company’s management team, which included his own appointment early in the year, and he noted that he is now transitioning to a non-executive chairmanship – following the hiring of new chief executive who has accepted the position subject to final contract and due diligence.
“It has been an interesting and challenging time for me since joining the board at the start of this year and with these changes in place, on the completion of the board changes outlined earlier, I will step back from executive chairman to non-executive chairman with full confidence that we have the right team to take this business forward,” Legge added.