9th May 2025 15:51
(Alliance News) - Belluscura PLC on Friday said it is initiating a strategic review to "strengthen its capital position" in a bid to generate sufficient working capital.
Options being considered include potential strategic investment, partnerships, alternative funding structures and other corporate initiatives.
Belluscura said this is aimed at supporting both the company's short-term cash requirements and its longer-term growth, as well as accelerating its path to sustainable profitability.
The firm explained that access to sufficient working capital to fund bulk orders of completed goods remains the principal constraint towards achieving profitability.
Belluscura stressed that the strategic review is not for the purpose of soliciting offers for the company.
As of April 30, cash balance was USD1.00 million, and the working capital bank debt balance stood at USD0.79 million.
In response, shares in the London-based medical device developer plunged 17% to 0.56 pence each in London on Friday.
Belluscura also provided some colour on current trading, noting renewed and robust demand for the X-PLOR portable oxygen solution during April, resulting in a record sales month of USD0.52 million. This was despite challenges in late February and March in sourcing product.
In addition, the full commercial launch of the DISCOV-R respiratory support device remains on track and is expected towards the end of the third quarter.
The firm said the US import tariff on its portable oxygen containers remains at zero.
By Jeremy Cutler, Alliance News reporter
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