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Avia Health Informatics Plc ("Avia") was incorporated in the UK, which is also its main country of operation.
Avia, via its trading subsidiary Plain Healthcare Limited ("Plain"), develops, supports and maintains the Odyssey clinical decision support software products and systems.
The Odyssey software product range is for use by clinicians and non-clinicians in healthcare and non-healthcare markets in the UK and internationally.
Avia Health slashes size of potential cash call - Update
Healthcare support software specialist Avia Health Informatics (LON:AVIA) said today it would seek to raise a net £500,000 in new cash, a much smaller sum than the £1.5 million previously forecast.
The group added it wanted the money for new product development with a portion to be used as a working capital buffer in the event trading turned down again.
Avia added that it did not need new funds “for the sole purpose of securing the business” after recent cost-cutting and sales deals.
Cash at end December was £0.22 million, though Avia cautioned that cash headroom levels will remain tight going forward in 2012.
The firm added it is also looking for partners to fund specific products, services and/or market projects.
Avia said: “The company has taken steps to reduce its outgoings and to maintain its sales, marketing and development activity within the company's current cashflow.“
“This, together with the encouraging levels of interest in and new orders for PathFinderRF and the levels of renewals in the Odyssey range, have led the Board to seek a lower target fundraising compared to that thought last year,” it added.
Avia today announced a new contract for Pathfinder, its online referral communication system, from NHS Peterborough, which commissions healthcare in Cambridgeshire and Northamptonshire.
Today's deal follows one announced on 10 January - for the sale of PathFinderRF to the Lincolnshire South West Clinical Commissioning Group.
Avia today also published restated accounts for the year to March, showing revenues of £2.1 million and an operating loss of £540,000.
Shares in the group were suspended last August following concerns about the company’s financial position.
Since then, Avia said it had reduced costs by £350,000 and will cut a further £100,000 in the financial year starting in March.
Salary deferment of £200,000 in 2011 has now reduced to less that £75,000 and is forecast to reduce to zero by March 2012, Avia added.


















