Stem Cell Sciences suspends trading ahead of review
25 November 2008
AIM listed biotechnology company Stem Cell Sciences has requested a temporary suspension in the trading of its shares ahead of what it described as a review of its financial position and strategic options.
SCS, which is also listed in Australia, said it was currently in discussions with a number of third parties about various options, including possible refinancing, the sale of certain operations and merger opportunities.
Earlier in November SCS reported that third quarter revenue from sales and grants and costs were in line with expectations and that costs were reduced to anticipated levels following a strategic reorganisation announced in February this year.
That assessment came on the back of interim figures in the period to June 30, 2008, which showed revenues down to £0.3 million from £0.5 million and pre-tax losses wider at £1.8 million from £1.7 million.
The company has made no secret of its priority objectives of securing at least one major pharmaceutical research collaboration this year as well as licensing out its existing portfolio of intellectual property. Last week it signed a five year agreement with Pfizer UK to provide research services, cell lines, media and reagents to support Pfizer’s R&D efforts.
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