Aptamer Group PLC on Tuesday said its expected annual revenue dropped and is seeking additional funding to ensure its survival.

Shares in Aptamer fell 38% to 4.16 pence each in London on Tuesday morning.

Aptamer is a York, England-based company which develops custom affinity binders through its Optimer platform to enable new approaches in therapeutics, diagnostics and research applications.

The company said revenue for the year ended June 30 is approximately £1.8 million, down 55% from £4.0 million a year prior.

Looking ahead, Aptamer said its pipeline for free-for-service revenues for financial 2024 stands at approximately £2.2 million across 30 discrete fee-for-service projects.

The company is also targeting a reduction in operating cash outflow to below £3 million for financial 2024, halved from around £6 million in financial 2023.

Cash balance at the end of June was £200,000. Aptamer said further short-term funding will be required to continue as a going concern, noting that its directors are ‘actively reviewing all possible financing options that are in the best interests of the company and its shareholders and continue to take steps to carefully manage its working capital.’

The company cautioned: ‘In addition to trading income in July, further funding will be required in the short term in order to continue as a going concern. The directors are actively reviewing all possible financing options that are in the best interests of the company and its shareholders and continue to take steps to carefully manage its working capital.’

It eyes being cash flow positive in financial 2026, but noted this would require annual revenue of £6 million, some way above the £1.8 million it achieved in the year just gone.

Copyright 2023 Alliance News Ltd. All Rights Reserved.