Cline informs about the company's financial situation
Cline Scientific AB (publ) ("Cline" or the "Company") announces, in accordance with Nasdaq First North's regulations, that the company cannot determine with certainty that there is sufficient working capital for the Company's needs during the next three months.
Cline Scientific announces today that the Company's finances are so strained that it no longer meets the requirement for working capital set by Nasdaq and thus does not meet the listing requirements.
During most of 2022 and the beginning of 2023, the Company has actively worked to reduce its cost base. This includes, among other things, that employees have quit, office layoffs, and that the Company has streamlined its corporate structure and thereby administration.
The company is in need of additional financing or additional structural business to be able to manage the working capital. The company's management and board are working intensively on all fronts to find a suitable solution to strengthen the company's financial situation.
The company is listed on the Nasdaq First North Growth Market. Redeye AB is Cline Scientific's Certified Adviser.
This information is information that Cline Scientific is required to disclose pursuant to the EU Market Abuse Regulation. The information was submitted for publication by the contact person set out above, at 2:39pm CEST on 22nd May 2023.
For more information, please contact:
Hanne Evenbratt, CEO
Email: hanne.evenbratt@clinescientific.com
Phone: 0704-887923
Cline Scientific AB (publ) Phone: 031-387 55 55
Argongatan 2 C Email: info@clinescientific.com
431 53 MÖLNDAL Website: www.clinescientific.com
About Cline Scientific
Cline Scientific develops advanced cancer diagnostics and regenerative medicine treatments. Cline’s unique patented surface nanotechnology provides solutions to critical challenges for cell-based products and process in Life Science. Cline is driving two projects through to a clinical stage, StemCART - a stem cell therapy for joint repair, and CellRACE- a cancer diagnostic to predict metastasis.