30th Oct 2018 09:21
LONDON (Alliance News) - Shares in Widecells Group PLC rose early Tuesday after the company announced further board restructuring and cost cutting measures.
Shares were up 7.7% at 0.323 pence each in early morning trade.
The company, which provides stem cell services and insurance for stem cell treatment, said Alan Greenberg has resigned as a director and chief business development officer & senior vice president of Wideacademy as part of the restructuring,
The healthcare company has also closed Wideacademy's London office and has brought the division into the Manchester head office, thereby resulting savings of GBP400,000 per annum.
"The streamlined board and Wideacademy is now fully focused on increasing sales at our two core divisions - CellPlan, the world's first stem cell healthcare insurance plan; and WideCells, focused on stem cell storage and, research, in order to generate value for our shareholders," Chief Executive Joao Andrade said.
Earlier in October, the company's chief financial officer and chief scientific officer stepped down as part of the company's cost cutting plan and Chairman Peter Presland took on additional responsibilities.
At the end of last month, shares in WideCells more than halved in one day after its interim loss expanded amid what it called "very difficult time" for the company. Pretax loss more than doubled to GBP2.0 million from GBP880,396, as revenue remained insubstantial and administration costs rose to GBP1.5 million in the period from just GBP898,075 a year ago.
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