Shares in Polarean Imaging have plummeted by 21% following the company’s announcement that it may struggle to sustain its operations unless it secures additional funds.
As of 07:31 GMT, the shares had fallen by 3.0 pence, reaching a value of 11.50 pence.
The medical imaging technology firm revealed on Thursday that its board is anticipating the need to raise further capital by the end of the second quarter next year. This will be essential to support planned activities, and the board acknowledged the significant doubt cast upon the company’s ability to continue its operations.
In addition, Polarean Imaging reported a widened pretax loss of $7.35 million during the first half of this year compared to $6.9 million in the same period last year. The increase in operating expenses, from $7.0 million to $7.7 million, played a role in this loss. The rise in expenses can be attributed to the costs associated with commercialization efforts for product launches.
Furthermore, revenue declined from $834,087 to $142,384 in the past year.
At present, Polarean Imaging is in a critical position as it faces challenges in raising funds and continues to contend with financial losses. The company’s future remains uncertain.
