NHS returns slowly...April CCG's complete GP hold purse strings.
Statement from Chairman and Chief Executive
A key milestone for the Company was reached via the investment in Ultrasis by an existing significant shareholder, Mr Paul Bell, which was announced on 29 January 2013 and which made available up to £2.85m through a combination of both new equity (£0.5m) and debt (£2.35m) facilities. This investment provides the Company with medium term financial security during difficult times, allowing the management team to focus on business development, both in the UK and internationally.
The economic climate remains very tough and particularly challenging in our core market, the UK's NHS. The significant changes to commissioning arrangements under the Health & Social Care Act are now nearing final form, with new CCGs being established and funding arrangements put in place. The NHS Commissioning Board has now authorised CCGs to commission services for their communities in 163 of the 211 CCGs planned to be in place by 1 April 2013.
The incidence of anxiety and depression across the country is continuing to increase and the NHS remains an important area of focus. The emergence of CCGs will provide GPs with a greater opportunity to influence the decision making that delivers outcomes that matter to them and their patients. Recent new contract gains and continued renewals confirm that BtB, as recommended by the National Institute for Health and Clinical Excellence, remains an efficacious solution for the treatment of anxiety and depression. BtB remains a world leading low cost solution with direct economic relevance to the NHS.
In North America, USquared Interactive is making solid progress with BtB US. Notable achievements include our first Blue Cross Blue Shield insurer in South Carolina; commencement of three large research projects, funded by the National Institute of Mental Health America, utilising BtB US ; commencement of a pilot with New York State office of Mental Health in a number of primary care clinics; and the successful pilot with the Veterans Association of Michigan. Revenues are starting to build in the US and discussions are advancing with a number of other potential healthcare providers.
Post period end, we were pleased to welcome Mr Daniel Bate to the Board on 14 February 2013. We anticipate Mr Bate's experience of UK capital markets being of significant use to Ultrasis as we seek to grow the business.
Outlook
The NHS market in the UK remains weak, but the Board sees evidence that, as the newly formed Clinical Commissioning Groups begin to take up their responsibilities, some resumption of purchasing activity is taking place and anticipates that this trend will continue.
AI
