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(Alliance News) - Genedrive PLC said Tuesday it successfully completed its GBP7.0 million placing priced at 80 pence per share.
The company announced the placing earlier in the day, the proceeds of which will go towards supporting the development of its SARS-CoV-2 assay, as well as build up inventory.
The patient molecular diagnostics firm has proposed to place 8.8 million shares at a price of 80 pence per share, reflecting a 60% discount to Genedrive's closing price on Monday at 198.00 pence.
Shares in Genedrive ended 11% higher at 220.00 pence on Tuesday in London.
Peel Hunt LLP and finnCap Ltd are acting a joint bookrunners for the placing.
Money from the fundraising will be used to develop the SARS-CoV-2 assay, fund the scale-up of the Genedrive-96-SARS-CoV-2 test by building up inventory, fund product development and for corporate purposes.
In addition to the GBP7 million, Genedrive had said it was looking to raise a further GBP1 million via broker option through the issue of 1.3 million shares at the same price per share as in the placing. This broker option will open on May 11.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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