CATALIST-LISTED Biolidics said on Thursday (Sep 28) that its sponsor United Overseas Bank (UOB) has terminated its continuing sponsorship agreement with the company for “commercial reasons”.

In the bourse filing, the medtech company said it is actively seeking a new sponsor and will provide updates when there are material developments.

It added that UOB shall remain as sponsor until Dec 31, or such other date that is mutually agreed with the company, the new sponsor, and/or Singapore Exchange (SGX).

Biolidics said in its bourse filing that UOB confirmed that it was unaware of any non-compliance with Catalist rules by the company that had not been previously announced and that had not been brought to the attention of SGX.

Shares of Biolidics closed unchanged on Thursday at S$0.013, before the announcement.