Adveritas Posts record quarterly cash receipts, launches $4m placement
- Adveritas (AV1) posts record cash receipts of $887,000 over the December 2022 quarter — a 36 per cent increase compared to the same quarter the year before
- Staff costs for the quarter topped $2.4 million, though AV1’s net operating cash outflows were offset by $1.9 million in government grants and tax incentives
- AV1 attributes the higher-than-usual cash spend to servicing its increasing trial pipeline and hiring several new key staff members to accelerate growth
- The platform ends the December quarter with a pro-forma cash balance of $7.1 million when including a $4 million placement announced today
- At market close on Monday, AV1 shares are up 1.3 per cent and trading at 7.6 cents
