Update on NeoDynamics’ financial situation
The Board of Directors of NeoDynamics has assessed the current financial situation of the company as critical and is in discussions to secure short and long-term financing.
As announced on 13 November, it has been decided to implement a cost reduction plan in order to balance cash, costs and commercial activities in the short term. However, the cost reductions will not have a cash-effect until the end of the first quarter of 2024, which means that the company’s short-term cash reserves are stressed. The Board and Management are therefore working to secure short-term financing by means of a bridge loan.
Simultaneously, the Board and Management are pursuing a long-term solution that will secure sufficient capital to continue the commercialisation of NeoNavia® in Europe and the US. This includes, but is not limited to, early discussions about a potential sale of the company.
There are no guaranties that the efforts to secure short or long-term financing will be successful.
