BioSenic expects to have sufficient liquidity to achieve its commercial objectives until the third quarter of 2024, the Belgian company announced on Thursday evening.

In a press release, the company states that this outlook remains conditional on the full issuance of its convertible bonds and the renegotiation of its outstanding loans.

The cell repair specialist - which is now focusing on disciplined cost and cash management - says it expects to consume around seven million euros in cash flow from operating activities over the full 2024 financial year.

Cash flow from financing activities is estimated at around 800,000 euros.

While BioSenic ended 2023 with cash flow of just 120.000 euros, in January the company signed a new subscription agreement for a convertible bond facility for a maximum amount of 1.2 million euros.

In February, the group also succeeded in raising 500,000 euros via a private placement.

BioSenic currently says it is preparing a new fundraising round with the aim of using the proceeds received to advance its Phase 3 clinical trial in chronic graft-versus-host disease (cGvHD).

In June 2023, the company had to suspend its phase 2b trial in early fractures due to negative results obtained on the trial's primary endpoint.

Following these announcements, the share price rose by 0.8% on Friday morning on the Brussels Stock Exchange, but was still down by more than 78% over the past 12 months.

Copyright (c) 2024 CercleFinance.com. All rights reserved.