With today's cost structure, Cline Scientific AB's (publ) expects to have cash until August 2024.
The Board intends to work diligently on finding solutions to strengthen the Company's long-term financial situation.
As previously communicated, the company has applied to participate in the EIC Accelerator program. The result from the latest step in the application process was a rejection due to the company being a couple of points below the limit required to move forward in the application process. The company will appeal the decision. Though, even if the company is successful with the appeal, it is the board's assessment that further measures still need to be taken to strengthen the company's long-term financial position.
For more information, please contact:
Patrik Sundh, CEO
Email: patrik.sundh@clinescientific.com
Phone: +46 0703585088
The company is listed on the Nasdaq First North Growth Market. Redeye AB is Cline Scientific's Certified Adviser.
This information is information that Cline Scientific is required to disclose pursuant to the EU Market Abuse Regulation. The information was submitted for publication by the contact person set out above, at 7.15pm CEST on 18 Jan 2024.