(Alliance News) - BioPharma Credit PLC on Friday said its investee company LumiraDx reported a drop in revenue in the first quarter as it continues its restructure.
The specialist life sciences debt investment trust said that LumiraDx reported revenue of USD22.2 million for the first quarter of 2023, down 82% from USD126.4 million a year ago.
Net loss for the first quarter was USD44.1 million, or USD0.14 per share.
BioPharma has loaned USD150.0 million of a USD300.0 million loan to LumiraDx, which matures in March 2024. The loan is secured against by LumiraDx's assets, including its rights to its testing platform, point of care diagnostic systme and qSTAR molecular technology.
The firm said a reduction in operating expenses was due to restructuring efforts in 2022, but that they do not yet reflect additional restructuring that was announced last month.
BioPharma said their new restructuring plans are anticipated to reduce the workforce by 40%, reducing expenses by UDS36 million per year.
LumiraDx also said it intends to raise additional equity, pointing to its filing of a USD100 million shelf registration statement.
BioPharma Credit shares fell 3.5% to 74.25 pence each in London on Friday morning.
By Harvey Dorset, Alliance News reporter
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Biopharma Cred. (BPCR)