Phorm remains confident despite losses hitting $49.8m

18/06/2009 12:39:00

The company said that as at 31 December 2008, the company had net assets of $22.4m, with cash and cash equivalents on hand of $23.2m. It added that this, together with additional funds raised through a share offering of around 19% of its shares this month, would enable it "to move forward to commercial deployment in the UK and Korea, while providing funds to support our business development efforts with ISPs in other markets".

Phorm conceded that its behavioural ad targeting technology "is taking longer to deploy in the UK than originally anticipated".

It is still trialling the technology with partners BT, TalkTalk and Virgin Media, but has yet to formally launch. However, it said that while "considerable time has elapsed between announcements with our ISP partners, much work continues to be done in the background".

The company has been dogged by controversy surrounding issues of privacy. Phorm's targeted advertising system allows ISPs to track customers' activity online in order to target them with relevant ads.

In April, the European Commission said it was taking legal action against the UK Government for failing to act against Phorm's system, after receiving a raft of complaints about the company. The decision sparked retailer Amazon's decision to opt out of the Phorm system.

Source: Brand Republic

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