Biotechnology company NorDiag ASA (OSE: NORD) has been attempting to solve a financing crisis with the aim to either give current shareholders an exit opportunity or to secure long-term capital by attracting strategic investors. The gene-based diagnostics focused laboratory tools developer said yesterday that negotiations with strategic investors and/or potential acquirers are unlikely to yield a solution within the period during which the company has sufficient cash to support operations.
NorDiag said it needs to attain more liquid assets in April 2012 and will therefore shortly call for an extraordinary general meeting proposing a new share issue. If a solution is not obtained, the company said it may enter into liquidation. In December the company was able to attain 15 million NOK when faced with a similar situation.
In Q4 the company posted revenue of 8.3 million NOK. It sold 30 NorDiag Arrow platforms intended for purified nucleic acids and cell separation during the quarter. Operating expenses were around 11 million NOK and EBITDA around -6 million. Full-year revenues was just above 30 million and EBITDA around -31 million NOK. The company’s cost cutting measures will start to take effect from Q1-Q2. In total those should scrap 11.5 million NOK from total base.
Today an announcement was made that Chief Financial Officer Tone Kvåle has ”agreed with the company” to resign from her position. She proceeded to fire sale her sales in a hurry, with two announcements coming within a two hour period. First patch of over 2.8 million shares sold at 0.09 NOK and the second nearly 7.8 million lump was sold at an average price of 0.0663 per share leaving her with just a few shares. In December there was a big jump from 0.06 NOK to 0.30 NOK. Today’s closing was at 0.08 NOK. Just last spring the share was trading around 2 NOK.
No comments:
Post a Comment