Aptamer Group PLC (AIM:APTA), the developer of Optimer binders for the life sciences industry, has warned that its full-year revenues will be materially lower than expected. For the 10 months ended April 30, 2023, sales were £1.4mln.
The company said its existing business pipelines are taking longer than expected to convert, including licensing and royalty-based contracts, amidst market headwinds.
Aptamer noted that its business pipeline remained strong, with the majority expected to convert next year.
As of April 30, the company had a cash balance of £0.7mln and is making cost savings to extend its cash runway, while it said the board is exploring funding options to strengthen its balance sheet and negotiate potential new business opportunities.