HealthBeacon shares suspended as runs short on cash

(Alliance News) - HealthBeacon PLC shares were suspended from trading on Friday, pending clarification of its financial position.

Shares in the Dublin-based devices and software developer for managing critical and chronic medications were suspended at EUR1.37 on Friday.

HealthBeacon on Friday updated shareholders on its funding discussions and cash position.

It said since October 5 it has explored various financing options to improve its short term working capital position as well as its longer term funding requirements, including discussions with stakeholders and looking at the potential sale of its business divisions.

However, it said these financing alternatives have not, to-date, been concluded.

HealthBeacon added that it continues to pursue funding solutions as its short term working capital position has deteriorated.

Looking ahead, HealthBeacon believes it now only has sufficient cash to continue to trade until the last week of October.

On Wednesday, HealthBeacon reported that revenue fell marginally to EUR861,000 in the first half of 2023, from EUR867,000 the year prior. The firm said its pretax loss widened to EUR7.1 million, from EUR6.2 million.

By Heather Rydings, Alliance News senior economics reporter, and Sophie Rose, Alliance News reporter

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