Annual Accounts and Fundraising Update

RNS Number : 6980M

WideCells Group PLC

01 May 2018

 

1 May 2018

WideCells Group PLC ('WideCells Group' or 'the Group')

Annual Accounts and Fundraising Update

WideCells Group PLC, the healthcare services company focused on providing stem cell services and ground-breaking insurance for stem cell treatment, announces that the publication of the Group's annual financial statements for the period ended 31 December 2017 has been delayed pending completion of the audit process.  The requirement of Disclosure Guidance and Transparency Rule (DTR) 4.1.3 is that WideCells Group's annual accounts must be published no later than four months after the end of the accounting period to which they relate.  Publication of the 2017 Accounts will be later than the required publication date of Monday 30 April 2018.

The Group has been in discussion with its financial advisers with a view to a fundraising, in the absence of which the Group is at risk of not being able to continue trading as a going concern.  These discussions, which have involved negotiations with the Group's banks and financial advisers over the possibility of a placement of shares, have taken longer than originally anticipated.  This has resulted in the delay of the audit process.  The Group will update the market in due course.

Additionally, the Group wishes to announce that it has accepted loans from certain directors during April 2018 of approximately £115,000 in addition to a loan of £100,000 accepted in October 2017. 

 **ENDS**

For further information, please visit the Group's website www.widecellsgroup.com, follow us on Twitter @WideCells_Group or contact:

WideCells Group PLC	CEO - João Andrade	Tel:  [phone]
Smaller Company Capital Limited	Broker - Jeremy Woodgate & Rupert Williams	Tel: [phone]
Shard Capital Partners LLP	Broker - Damon Heath & Erik Woolgar	Tel: [phone]
WG Partners LLP	Broker - David Wilson, Claes Spång and Andrew Craig	Tel: [phone]
St Brides Partners Limited	PR - Charlotte Page & Isabel de Salis	Tel: [phone]

Notes to Editors

WideCells Group PLC

WideCells Group PLC is building an integrated stem cell services company, focused on making stem cell treatments accessible and affordable.  This is achieved through three divisions:

The Group has three divisions:

·     CellPlan: the world's first stem cell healthcare insurance plan with financial cover for medical treatment, travel and accommodation expenses and concierge service to manage the treatment process.

·     WideCells: The Institute of Stem Cell Technology has been established and is based in the University of Manchester Innovation Centre to provide stem cell storage services and focus on stem cell research and regenerative medicine. Its international cryogenics division specialises in stem cell storage, with the Group currently offering umbilical cord blood and tissue storage services to clients in the UK and Europe under the brand name BabyCells.

·     Wideacademy: an education and training division to promote awareness of the benefits of stem cell storage across the global general practice community.

The Group has built an experienced senior management team that has been integral to the development of its growth and business to date.

Stem Cell Fast Facts:

·     Cord blood (which is taken from the umbilical cord) provides the most effective source of stem cells for families due to it being simple, safe and painless to collect relative to other sources of stem cells such as bone marrow - WideCells will focus on promoting the collection and storage of cord blood.

·     Since 2005, there has been a 300% increase in the number of illnesses that can be treated using stem cells.

·     82 illnesses can currently be treated using stem cell procedures.

·     Despite initial storage often costing no more than a few £thousand, actual treatment can cost in the £hundreds of thousands

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR).

 

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