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.