Trellus Health PLC (AIM:TRLS) shares slipped 9% to 0.5p on Friday, extending a steep six-month decline of 73%, as investors focused on the company’s dwindling cash reserves despite another promising commercial deal.
The digital health firm said it has signed a 12-month contract with a second major clinical research organisation to use its Trellus TrialSet platform, which helps improve recruitment for clinical trials in immunology and inflammation.
The agreement includes upfront, management and milestone payments linked to recruitment and screening targets.
Chief executive Dr Marla Dubinsky said the deal validated Trellus’s technology and strengthened its position in the clinical trials sector.
However, she acknowledged that the contract does not extend the company’s cash runway beyond early December, adding that Trellus continues to explore an equity fundraising.