5th May 2023 12:06
(Alliance News) - Aptamer Group PLC said on Friday it expects "significantly lower" revenue for this financial year and blamed figures for the past ten months on slower-than-expected conversion of its pipeline.
Aptamer is a York, England-based life sciences company which develops custom affinity binders through its proprietary Optimer platform to enable new approaches in therapeutics, diagnostics and research applications.
Aptamer said revenue for the ten months ended April 30 was approximately GBP1.4 million, growing from GBP1.0 million in its first half. Its financial year ends on June 30. Aptamer said its existing pipeline of new business, in particular licensing and royalty-based contracts, took longer than expected to convert.
Shares in Aptamer were down 47% in London on Friday at 13.50 pence.
Aptamer said its cash balance on April 30 was GBP700,000 and it is making cost savings to extend the amount of time it has to remain solvent.
Aptamer now anticipates revenues for the current financial year to be "materially below" the GBP4.0 million for the previous year it had reported in October. The group had reported a pretax loss of GBP2.6 million for the 2022 financial year.
Aptamer also said its sales pipeline across fee-for-service and licensing remained "healthy" and it expects some of this to be recognised as revenue in the current financial year. However the majority if converted would be recognised in 2024 financial year.
By Emma Curzon, Alliance News reporter
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