Aptamer Group PLC on Monday said revenue in its first financial half will be lower due to weaker customer confidence.
The York-based biotech firm said revenue will be lower in the run-up to its £3.6 million fundraise. In the first half of financial 2022 to December 31, revenue was £1.0 million, which was a 26% fall from £1.4 million a year prior. The newest decline will be due to a lull in customer confidence,it said.
‘However, with revised strategy set out by the new management team gaining traction with a focus on building and converting the pipeline, we are completely focused on converting those opportunities and on achieving market expectations for the full year,’ it added.
Meanwhile, the company noted ‘great progress’ in building of a data further supporting its Optimer-based pharmaceuticals for gene therapy delivery and precision chemotherapy. Further, it said it succcessfully carried out planned improvements which have streamlined its production processes, bringing increased output capacity and fewer material requirements from customers.
It added that it achieved its cost-base reductions at the end of September.
The company makes synthetic antibodies capable of binding to targets such as tumour cells.
Aptamer shares fell 6.3% to 1.27 pence each on Monday morning in London.
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