TruSpine reports steady progress amid losses By Investing.com

LONDON – TruSpine Technologies PLC, a medical device development company, has reported a continuous preliminary earnings round with a net loss of £410,000 for the six months ending September 30, 2024. Administrative costs accounted for the entire loss, totaling £410,000, in line with the company’s focus on controlling development costs.

Despite the losses, TruSpine expressed optimism about its future, citing progress in three key areas. The company is pushing forward with its submission to the US Food and Drug Administration (FDA), with more major news expected in 2025. In addition, TruSpine is in discussions for a significant fundraising effort planned next year to support the commercialization of its intellectual property. property

TruSpine’s consolidated net assets as at 30 September 2024 were £2.33m, which includes a bank balance of £51,000.This reflects a slight decrease from the previous year’s net assets of £2.46m, which include was a £9,000 bank overdraft.

The company’s working capital position remains volatile due to the lack of revenue-generating operations, however, TruSpine is actively exploring both equity and debt financing options to secure the funds necessary to sustain its working capital requirements in the short term.

The announcement, which contains what is considered inside information under UK market abuse regulations, emphasizes the directors’ responsibility for its publication.TruSpine’s progress and financial position are based on a company press release.

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