#TSP TruSpine Technologies PLC – Half-year Report December 28, 2023 – Posted in: Blog, TruSpine Plc (TSP) – Tags: fda, financial, fundraise, IP, patent, pre revenue, report, Small cap, statement, stock, tech

CHIEF EXECUTIVE’S REPORT

During the period under review and the period to date the Company is pleased to have made progress on three fronts namely :-

–      the FDA submission is progressing and has now reached the substantive phase which it is currently undergoing and the Company is hoping for more positive news in the New Year.

–      Following the registration of its IP title, the Company anticipates signing a distribution agreement in 2024.

–      Financing: the Company remains in pre-revenue stage and is in detailed discussions with various parties and hopes to agree a substantial fundraise during January 2024.

On 15 August 2023 the Company raised £50,000 through the issue of 2,000,000 new ordinary shares at a price of 2.5p per share.

The Company continues to be in a pre-revenue development phase and remains loss-making.  The loss before taxation for the six months to 30 September 2023 was £363k (2022: £545k) after administrative expenses of £348k (2022: £543k). Development spend for the six months to 30 September 2023 was £216k (2022: £216k). Consolidated net assets as at 30 September 2023 amounted to £2.46 million (2022: £2.89 million) including a bank overdraft of £8,640 (2022 cash and cash equivalents of £42,000).

As previously notified, the Company’s working capital position remains weak given the lack of revenue generating operations, however the Company is prudently managing its limited working capital position. The Company is reviewing equity and debt financing options available to it and the Directors fully expect a successful resolution in securing adequate funding to meet the Company’s working capital requirements in the near-term.

Further to the announcement of 27 November 2023, the Company continues to be in discussions to agree a new redistribution contract with Spartan Medical, Incorporated which the Company expects to sign in due course. 

Proposed Director Appointments Update

Further to the announcement on 27 November 2023, the Company maintains its intention to appoint Victoria Sena and Samuel Ogunsalu, subject to standard regulatory due diligence and securing adequate funding to meet the Company’s working capital requirements in the near-term.

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

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