Shares in Aptamer Group have experienced a decline after the company announced that it anticipates lower revenue for the first half of fiscal 2024. This decrease is primarily attributed to weak customer demand leading up to the completion of its fundraise.
As of 0805 GMT, shares were down 0.15 pence, or 11%, at 1.2 pence.
Despite this setback, the U.K. biotechnology company has recently observed an improvement in consumer confidence following the restructuring of its board and the appointment of a new management team. Additionally, they successfully completed a £3.6 million ($4.5 million) raise on July 31.
Executive Chairman Steve Hull expressed optimism in the wake of these developments: “We are encouraged by the response from customers since the company refinanced, and we have confidence that the team will be able to convert a number of existing pipeline opportunities, as well as attract new customers. This will enable us to meet market expectations for the full year.”
Aptamer Group disclosed that it currently has a pipeline of opportunities at advanced stages of talks amounting to £3.3 million across 28 projects. They anticipate signing significant orders before the end of December.
For the first half of fiscal 2023, which concluded on December 31 of last year, Aptamer reported revenue of £1.0 million.