Equity Prepayment Facility for Committed Prepayments up to Aggregate £5 Million (the "Facility") wit5 May 2023 11:22
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