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WideCells Group delays publication of 2017 results as fund-raising talks continue

The stem cells specialist said discussions with its financial advisers with a view to a fundraising have taken longer than originally anticipated, resulting in a delay of the audit process
Stem cells
Additionally, Widecells said it accepted loans from certain directors during April of approximately £115,000

WideCells Group PLC (LON:WDC) said publication of its annual financial statements for the year ended 31 December 2017 has been delayed pending completion of the audit process, and will be later than the required publication date of Monday 30 April 2018.

In a statement, the healthcare services company focused on providing stem cell services, noted that it has been in discussion with its financial advisers with a view to a fundraising, in the absence of which the group is at risk of not being able to continue trading as a going concern.

READ: WideCells Group clinches deal to launch stem cell insurance product in Asia

The firm said these discussions, which have involved negotiations with the group's banks and financial advisers over the possibility of a placement of shares, have taken longer than originally anticipated, resulting in the delay of the audit process.

Widecells said it will update the market in due course.

Additionally, the group said that it accepted loans from certain directors during April 2018 of approximately £115,000, in addition to a loan of £100,000 accepted in October 2017.

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