(Alliance News) - TruSpine Technologies PLC on Monday said it is yet to receive the funding under its bridge loan facility, although it expects the funds will be forthcoming in "due course".

The London Gatwick Airport-based medical device company focused on the spinal stabilisation market said it had not received the expected receipt of funding and the subscription for Tranche 1 of the staged equity funding, as announced on February 8.

However, based on discussions with the unnamed investment group, TruSpine's directors believe funds will be forthcoming in "due course", while the subscription for the first tranche of the staged equity funding is expected to be subscribed for on or before March 1.

It did note there is no guarantee that the funds from the bridge loan facility or from the tranche 1 subscription will complete successfully.

Should this transpire, TruSpine said it will need to raise further capital in the short term.

"The company continues to carefully manage its working capital and its financial position remains weak and is dependent on the goodwill of its creditors to continue trading," it said in a statement. "A further announcement will be made in due course."

Shares in TruSpine were quoted at 1.855 pence each on AQSE in London on Monday afternoon, having last traded at 1.81p each on February 6.

By Greg Rosenvinge, Alliance News reporter

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