George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
RiverFort is Pleased to Announce That It Has Arranged an Equity Prepayment Facility for Committed Prepayments up to Aggregate £5 Million (the "Facility") with Genedrive plc (LSE: GDR) - Business Wire
04-Apr-2023 12:16:00RIVERFORT-GLOBAL
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RiverFort is Pleased to Announce That It Has Arranged an Equity Prepayment
Facility for Committed Prepayments up to Aggregate £5 Million (the
"Facility") with Genedrive plc (LSE: GDR)
RiverFort is pleased to announce that it has arranged an Equity Prepayment
Facility for up to £5 million (the "Facility") with Genedrive plc (LSE: GDR)
(“Genedrive” or the “Company”), the point of care molecular
diagnostics company, with an initial drawn amount of £2 million and committed
capital advances of up to £3 million in 10 monthly instalments of £300,000
from 30 May 2023 which may be drawn down by the Company at its election.
The Facility and the Company's existing cash resources will be directed
towards the commercialisation of the Company's Antibiotic Induced Hearing Loss
test, Genedrive(®) MT-RNR1 ID Kit ("AIHL test") and enhancing the
Genedrive(®) platform through the validation and verification of the
Company's CYP2C19 test, Genedrive(®) CYP2C19 ID Kit ("CYP2C19 test") as well
as providing additional working capital.
Genedrive plc is a molecular diagnostics company developing and
commercialising a low cost, rapid, versatile, simple to use and robust point
of need molecular diagnostics platform for the diagnosis of infectious
diseases and for use in patient stratification (genotyping), pathogen
detection and other indications. The company are currently developing a
genetic test for CYP2C19 metaboliser status.
The Genedrive(®)MT-RNR1 ID Kit, selected as 1 of the 10 EVA pilot projects,
is the world's first commercial point-of-care genetic test for emergency care.
It helps to avoid irreversible lifelong hearing loss in specific infants
exposed to aminoglycosides by rapidly detecting the m.1555A>G gene variant
that can cause lifelong deafness, allowing for alternative antibiotics to be
prescribed.
David Budd, CEO of Genedrive commented:
“The Directors have assessed a number of financing options for the Company
including an equity raise but believe that the Facility is the best option
available to the Company at the present time in order to further fund the
Company's progress while also taking consideration of the investor shareholder
base. Further, the Directors believe that a combination of the possibility of
positive future news flow around the Company's two main assays as well as the
potential for reasonable levels of liquidity in the Company's ordinary shares
make the Facility the most attractive form of financing for the Company at the
current time.”
RiverFort Glo
From the same article : His Genedrive trial was considered so important that it was allowed to continue during the pandemic when many other research trials were halted. His team is already working with genedrive plc on a similar rapid bedside test for stroke patients – to detect the one in 10 patients whose DNA makes them unable to metabolise clopidogrel the common anti-platelet medication, and therefore have significantly worse outcomes
https://itm-power.com/news/half-year-results-for-the-six-months-to-31-october-2021 published 26 Jan @ 22.00 with no content! :(
It doesn't help when the manufacturer files for bankrupcy in order to avoid their responsibilites.
fears over 'chumocracy' legal challenge
The British Government could be facing calls to explain the 'baffling' decision to rely on securing Chinese-made testing kits
By
Henry Bodkin,
SENIOR REPORTER
31 December 2021 • 9:38pm
Plans to manufacture lateral flow tests in the UK were shelved amid fears of legal challenges over the Government’s alleged “chumocracy”, it has been claimed.
In the early months of 2021, ministers called a halt to months of work with British companies that had been intended to establish an onshore manufacturing capability for the rapid Covid tests.
The result has left the UK relying on securing Chinese-made kits, with the devices currently unavailable in many parts of the country.
The shortage threatens to prevent people returning to work next week, and to hamper efforts to clamp down on the spread of omicron.
On Friday, figures in the diagnostics industry pointed to a slew of legal actions against Boris Johnson’s Government by the Good Law Project to explain the “baffling” decision not to build manufacturing capability in the UK.
The campaign organisation, which is led by Jolyon Maugham QC, a Remain-supporting barrister, uses judicial review actions in the High Court to challenge government policy and actions it disagrees with.
The group has launched cases opposing government policy on Brexit and, more recently, against procurement decisions in the pandemic response.
The scrutiny has contributed to a criticism of a “chumocracy” against senior ministers, including Matt Han****, who came under fire after a contract was awarded to a business owner who used to run a pub close to the former health secretary’s home.
Mr Han**** has strenuously denied any personal wrongdoing, while ministers more broadly have defended bypassing some civil service procurement red tape in the early stages of the pandemic due to the urgency of the crisis.
The Good Law Project is led by Jolyon Maugham QC
The Good Law Project is led by Jolyon Maugham QC CREDIT: Andrew Milligan/PA Wire/Andrew Milligan/PA Wire
Doris-Ann Williams, the chief executive of the British In Vitro Diagnostics Association, said that Lord Bethel, the junior health minister, had encouraged a consortium of companies to push ahead with research and development into lateral flow tests from autumn 2020, but that the drive had been scrapped in early in 2021, with no adequate reason given.
“They threw a lot of money at it and encouraged the companies to ramp up their manufacturing capability, but when it got to the crucial point the government said it was never their intention to purchase,” she said.
“For some reason they went to the Chinese.
“It’s just baffling that you would put so much effort into UK manufacturing and then turn round and say we don’t want to purchase.”
She added: “It seemed to get caught up with the Good Law Project.”
Placeholder image for youtube video: qTZzJHGhED4
Another industry insider said the episode had