LONDON (ShareCast) - (Sharecast News) - Life sciences company Aptamer Group said in a trading update on Friday that revenue in the 10 months ended 30 April totalled around £1.4m.
The AIM-traded firm said the slower-than-expected conversion of its existing pipeline of new business, particularly licensing and royalty-based contracts, was the reason for the decrease in revenue, despite healthy sales pipelines across both fee-for-service and licensing.

It said it now expected full-year revenue to be substantially lower than in the prior year, due to continuing market headwinds and delays in the conversion of contracts.

While the company said it expected some of the sales pipeline to be recognised as revenue in the current financial year, most of it, if realised, would be accounted for in the next financial year.

Aptamer said that as of 30 April, the group cash balance totalled £0.7m.

"The group is making cost savings in order to extend the cash runway.

"As noted in the half-year results, continuing reduced revenues would mean that the group would need to raise working capital.

"The board is exploring a range of funding options including non-dilutive and dilutive sources to strengthen the balance sheet, which would also provide a stronger negotiating position with potential new business opportunities."

At 1501 BST, shares in Aptamer Group were down 41.18% at 15p.

Reporting by Josh White for Sharecast.com.

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