LONDON (Alliance News) - Itaconix PLC said Wednesday it expects cash to fall as it will move the majority of its business to the US to improve "the link between product support and manufacturing".
The cash fixed cost base of the company is expected to fall to GBP3 million from GBP3.5 million per annum from 2019, driven by the costs of the move.
The specialty polymers designer and manufacturer said the move is part of a restructuring of its UK subsidiary to focus on revenues and core products.
"Only certain key individuals in marketing and product support will be retained within the UK business," the company said.
"The board remains confident, subject to the availability of further funding, that the company is well positioned to continue to deliver revenue growth through 2018 in line with expectations."
Itaconix shares were untraded at 8.10 pence.
Itaconix Plc (ITX)