LONDON (ShareCast) - (Sharecast News) - Advanced materials engineering company Versarien updated the market on the recent reduction in its share price on Monday, saying it was not aware of any material basis for the decline.

The AIM-traded firm said that, in line with its interim statement on 12 December, it remained focused on its graphene commercialisation strategy and the projects with its commercial partners, prioritising those that it deemed most likely to produce near-term revenue streams.

It said it was continuing to provide funding to Gnanomat, its 62%-owned subsidiary, as necessary, to ensure its continued development.

"Since acquisition, Gnanomat has sought to control its costs whilst still developing its technology, which has allowed Versarien to vary the initially envisaged intra-group loan as previously disclosed on 25 September 2018," the board said in its statement.

"Versarien now expects to provide a loan of €0.3m this month to Gnanomat and continue to fund the working capital of Gnanomat, as it does for its other graphene technology businesses."

Versarien said that, as at 31 January, cash at bank stood at £1.53m and the available cash from its banking facilities was £0.72m, making for a total of £2.25m available to the company.

At 1101 GMT, shares in Versarien were up 6.73% at 52.3p.

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