LONDON - TruSpine Technologies PLC, a medical device development company, reported an ongoing pre-revenue phase with a net loss of £410,000 for the six months ending September 30, 2024. This figure marks an increase from the £363,000 loss reported in the same period of the previous year. Administrative expenses accounted for the entirety of the losses, totaling £410,000, consistent with the company's focus on controlling development spend.
Despite the losses, TruSpine expressed optimism about its future, citing progress in three key areas. The company is advancing its submission to the U.S. Food and Drug Administration (FDA), with expectations for more significant news in 2025. Additionally, TruSpine is engaging in discussions for a substantial fundraising effort planned for the next year to support the commercialization of its intellectual property.
TruSpine's consolidated net assets stood at £2.33 million as of September 30, 2024, which includes a bank balance of £51,000. This reflects a slight decrease from the previous year's net assets of £2.46 million, which included a bank overdraft of £9,000.
The company's working capital position remains precarious due to the absence of revenue-generating operations. Nevertheless, TruSpine is actively exploring both equity and debt financing options to secure the necessary funds to sustain its working capital requirements in the short term.
The announcement, containing what is considered inside information under UK Market Abuse Regulation, emphasizes the directors' responsibility for its release. TruSpine's progress and financial status are based on a press release statement from the company.
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