UK's DeepVerge hits record low as cost pressures deepen

Deepverge

05/06/2023 08:24

** Shares of pharmaceutical company DeepVerge  DVRG.L  down
as much as 31.4% at a record low of 0.36p 
    ** Co says it will no longer support ongoing costs of
progressing the development of the Labskin, Skin Trust Club and
Rinocloud business units 
    ** Adds it will downsize the business units, which will
include termination of 20 permanent employee and contract
positions 
    ** Says there is a possibility of delay to the announcement
of its FY results, due to the resignation of its previous
auditor Jeffreys Henry LLP
    ** Jeffreys Henry LLP was found to not have sufficient
capacity to satisfy its regulatory requirement by the Institute
of Chartered Accountants in England and Wales, co says 
    ** Co says it is exploring sale of one or more lines of
business 
    ** As per last close stock down 68% YTD
    

 (Reporting by Sinchita Mitra in Bengaluru)
 ((Sinchita.mitra@thomsonreuters.com))