Aptamer Group PLC (AIM:APTA) is urgently seeking additional funding, an announcement that has triggered a 40% plunge in its share price.
Although the life sciences company expects to report unaudited revenue of roughly £1.75mln for the year ended 30 June 2023 and anticipates around £2.2mln from 30 projects in FY24, the current cash balance stands at a meagre £0.2mln.
The directors are actively exploring financing options to ensure the company's survival and continue the careful management of its working capital, investors were told.
In the first half hour of trade, the stock was off 2.7p at 4p. To date, shares have lost 91% of their value.