Oncimmune Holdings PLC (AIM:ONC) has brought in consultancy firm Alvarez & Marsal to help find potential partners and investors for its trading subsidiary as it looks to strengthen its financial position.
The company, which provides autoantibody profiling for the pharmaceutical and biotechnology industry, is also in talks with existing investors and brokers to raise additional funds.
In an update, Oncimmune acknowledged there had been a drag on its finances due to slower-than-expected contract conversions and is working to extend its cash runway beyond April.
Despite these challenges, it said it remains confident about its future, with discussions underway for new contracts worth over £1.8 million. If secured, these deals could have a major impact on its financial performance, it added.
The company acknowledged the recent drop in its share price but reiterated its confidence in long-term growth. It noted that it entered the current financial year at an unprecedented rate of expansion and continues to explore strategic opportunities to build momentum.