RE: Cash is king10 Sep 2021 15:33
Reasons for the Fundraising and Use of Proceeds
The net proceeds of the Fundraising and the Company's existing cash resources will be directed towards two near-term revenue opportunities being the final development of the Genedrive(R) COV19 ID Kit, a point of care assay for the detection of SARS-COV-2 ("GDR COV POC") and supporting the commercial roll out of the Company's Antibiotic Induced Hearing Loss test, Genedrive(R) MT-RNR1 ID Kit ("AIHL test") as well as providing additional funding to cover the Group's other product development, commercialisation and general corporate costs until the AIHL test and GDR COV POC are expected to be able to support the Group's overheads.