Biotech says it needs urgent funding to keep going

York biotech Aptamer needs short-term funding to keep going, the firm announced to the London Stock Exchange today.

The firm said its unaudited cash balance had fallen to £200,000 at the end of June, and it would need additional funds on top of its July trading income 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,” the firm said in its statement,

“Whilst the board is aiming for a satisfactory outcome of the financing there can be no certainty that these discussions will be successful, nor as to the terms or timing thereof.”

The firm, which listed on the London Stock Exchange in December 2021,  produces the Optimer line of next-generation aptamer molecules, which can fold around target molecules and can be used as antibody alternatives in therapeutic, diagnostic and target-binding applications.

The firm said its unaudited revenues for the year to end of June was £1.75m. Its pipeline of 30 fee-for-service projects would bring in £2.2m by the end of June 2024. That figure, expected to increase with further opportunities, did not include revenues from licensing its technology, which the firm said could show significant revenue contributions.