EDX Medical "delighted" as gains funding worth up to GBP4 million

(Alliance News) - EDX Medical Group PLC on Monday announced a new GBP2 million subscription and convertible loan note deal with its founder and chief scientific officer.

EDX said the funding it has secured is worth up to GBP4 million. Of this, it has raised GBP2.0 million through the issue of 14.3 million new shares at 14 pence each.

Shares in EDX were trading 4.7% higher at 11.25p each as of Monday afternoon, on the Aquis Stock Exchange in London.

The Cambridge, England-based developer of digital diagnostic products and services said new and existing investors, both institutional and high net worth, have participated in the subsctiption, with Oberon Capital acting as sole broker.

Also, EDX said its Founder & Chief Scientific Officer Chris Evans has entered an unsecured CLN agreement for up to GBP2 million. Additionally, following the issue of the subscription shares, Evans will hold a 35.18% stake or 136.0 million shares.

Evans "does not intend his shareholding to exceed 37.5% for the foreseeable future", EDX noted.

EDX said the funding will support its efforts to accelerate commercial activity and develop new products and services for sale. This includes the marketing for its "advanced, highly accurate" testing service for testicular cancer.

"We are delighted that new and existing investors in the company continue to demonstrate their support for a business dedicated to providing world class diagnostic products and services," Evans commented. "I am also proud to continue to offer financial support to the company's development, because I am constantly encouraged by the quality of our products, both those entering the market or those in our pipeline.

"Furthermore, I believe that my own support and the recent investment by three other directors of the company demonstrates to investors that the leadership of EDX Medical is fully committed to backing this business."

He continued: "This investment will enable us to accelerate our development and production of our pipeline of exciting products. We are very pleased by the level of interest from investors who are willing to support the business at a level we all believe is a more accurate reflection of the real value of the company."

By Emma Curzon, Alliance News reporter

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