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Curetis Hires Strategic Advisor, Delays Release of Financial Results

NEW YORK — German molecular diagnostics firm Curetis said today that it has hired US investment bank H.C. Wainwright to help it review strategic options for securing the money it needs to continue operations for at least the next 12 months.

Options under consideration include equity funding, an acquisition, merger, or business combination, Curetis said, adding that it does not intend to provide updates on the strategic assessment until a course of action is selected.

In conjunction with the strategic review, Curetis said that it is delaying the publication of its business and financial update for the first half of 2019 to September 18 to allow for an ongoing review by its auditors. The firm's financials were previously set for release on Wednesday.

Curetis did, however, report having €7.8 million ($8.7 million) in cash and cash equivalents as of June 30, which includes the recent receipt of €6.5 million in gross proceeds under two financing facilities. It also said that its cash burn rate for the first half of 2019 is down nearly 26 percent from €4.9 million in H1 2018, which would translate to about €3.6 million.

Curetis said that the worldwide installed base of its Unyvero A50 instrument system was 170 at the end of June, versus 162 a year earlier. The company has signed a number of distribution deals for its diagnostics system and test cartridges recently, including ones with Ako Med covering Serbia, North Macedonia, Bosnia and Herzegovina, and Montenegro, and another with A. Menarini Diagnostics covering a number of European markets including the UK, Germany, and Spain.