UK's Arecor Therapeutics slumps on rising working capital needs
10/06/2024 09:42
** Shares of Arecor Therapeutics Plc AREC.L slump as much
as 35% to a record low of 103.50p
** The biopharmaceutical group says it has identified that
its working capital requirements have accelerated, primarily as
a result of the timing of potential pipeline revenue and an
increase in costs
** AREC says it is examining potential cost mitigation in
the near term, and in absence of that, funding is now expected
to be required in Q3 of 2024
** Co in February at the time of its annual results had
flagged "inherent uncertainties in the timing and quantum of
revenue growth"
** Currently stock down 30.8%, taking YTD losses to ~37%
(Reporting by Aby Jose Koilparambil in Bengaluru)
((abyjose.koilparambil@thomsonreuters.com))