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Next Biometrics probably needs more cash in next 12 months
November 14, 2017 / 9:49 AM / in 5 days

Next Biometrics probably needs more cash in next 12 months

OSLO, Nov 14 (Reuters) - Fingerprint sensor firm Next Biometrics probably needs to raise more money during the next 12 months, it said while presenting third-quarter earnings on Tuesday.

** CEO Ritu Favre: expects cash burn to rise in Q4 and Q1

** CEO: we don’t believe there is a full 12 months of cash in the company, and we are working on that scenario

** Cash flow from operating activities was negative 36.8 million Norwegian crowns ($4.51 million) in Q3 compared to negative NOK 39.6 million in Q2

** Cash and cash equivalents amounted to NOK 123.1 million by the end of the third quarter of 2017

** Last time it raised money was on Feb 7, 2017, through a private placement of NOK 156 million at a price of NOK 134 per share

** Share price of Next drops 7.4 pct to NOK 46.3 at 0944 GMT on Tuesday ($1 = 8.1683 Norwegian crowns) (Reporting by Ole Petter Skonnord, editing by Terje Solsvik)

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