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Widecells says trading is strong, fundraising ongoing as it bids to lift share suspension

Chairman Peter Presland said: “I would like to assure shareholders that despite the delay in publishing accounts and subsequent trading suspension, all business operations have continued to operate as usual and our growth prospects remain strong."
Widecells says trading is strong, fundraising ongoing as it bids to lift share suspension
The company is stock-in-trade is stem cell storage, but it recently branched into specialist insurance

Widecells Group PLC (LON:WDC) said trading had been strong as it published its full-year results.

The stem cell specialist said following the release its figures, it was working with the Financial Conduct Authority to have its share suspension lifted.

The halt to trading followed the delayed release of its latest figures, a process that was slowed by the company’s fundraising plans.

In an update alongside the numbers, Widecells said it had commitments from investors totaling £1.47mln – money that will be raised via a placing stock.

It also has a live market book-build underway, which is expected to bolster the business' coffers further.

Chairman Peter Presland said: “I would like to assure shareholders that despite the delay in publishing accounts and subsequent trading suspension, all business operations have continued to operate as usual and our growth prospects remain strong.

“Our focus is firmly on achieving the commercial roll-out of our stem cell services to build revenues and ultimately drive the value of our business.”

The results statement outlined a series of milestones passed by the group in 2017, including the launch of a portfolio of stem cell services alongside the creation of CellPlan, the world's first insurance plan and medical concierge service for the cord blood stem cell industry.

It also secured a number of commercial agreements and is now “fully live” in the UK with initial sales secured as part of a test launch to customers of Biovault, its storage facility.

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WideCells Group Timeline

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