Nordic Nanovector shares slump with company having 'little cash at hand'

Thor Medical ASA

31/08/2022 08:50

** Shares in Nordic Nanovector  NANOVN.OL  continue their
four-day losing streak and plummet 17% after publication of H1
report  urn:newsml:reuters.com:*:nFWN3061IB
    ** The company which decided to discontinue its key
PARADIGME trial in July  urn:newsml:reuters.com:*:nL8N2YN1J3 said its cash position at
end-June was NOK 287.4 mln 
    ** "This still excludes the closing down costs of the phase
2b PARADIGME trial which the company expects to be NOK 170-200
mln, indicating a cash position of NOK 90-110 mln," Kempen
analyst Suzanne van Voorthuizen notes
    ** She adds that as the wind down of PARADIGME takes up a
meaningful portion of the remaining resources Nordic Nanovector
is left with little cash at hand, making it hard to see options
for the company to reinvent itself     
    ** The company, which in mid-August appointed Carnegie to
explore strategic options, reported operating loss of NOK 102.8
million for the second quarter
    ** The stock started dropping in early June after the
PARADIGME trial was first showing signs of trouble  urn:newsml:reuters.com:*:nL8N2XP1SY
and has fallen >90% year-to-date
    
     

 (Reporting by Marie Mannes)
 ((Marie.mannes@homsonreuters.com))