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Hopefully, if they'll manage to raise funds through a genuine fundraising with a real business plan (not more death spiral) and it will be investable again. Even with a genuine fundraising and business plan, very common for this kind of company to come back for more. But at least you don't have odd things going on in the background with death spiral and very, very short term situation before funding runs out.

Incredible isn't it. They sent some samples to their distributors. What next....DYOR lol.

Would expect they will announce something quite soon about funding now. It wouldn't make any sense to wait. But it not a certain that they will get the funding they need/want at this juncture. I'll be looking for proper II investors coming on board (not death spiral specialists) and will want a proper sales forecast/business plan laid out. If it turns out to be another dodgy death spiral sticking plaster of sorts, then it won't be good news if they then run out of money again in 6-12 months from now.

If you read the RNS, they've just sent some samples to the overseas distributors:

"The initial orders will support genedrive's international distribution partners in promotion and in-country evaluation activities in their respective countries, to provide more extensive access to this life-changing test."

The RNS has a good title though. Next RNS will be about a fundraise surely, seeing as they have little left in the bank.

Jimi, The day after they did the last RF drawdown they issued an RNS warning that they couldn't rely on RF drawdowns!

Mr Cheek doesn't mention RF in is presentation or the going concern issue (as the results RNS does). But this is quite normal with fundraises. They always tie them to something positive. In this case, they're making it clear that the fundraise planned for early 2024/January is going to be marketed to investors on the basis that getting FDA approval could change the company's fortunes.

That University of Sussex NHS Trust have another neonatal unit at Haywards Heath, so it's not quite the whole of the trust that have adopted AIHL as yet, just the unit at Brighton.

https://www.uhsussex.nhs.uk/wp-content/uploads/2023/03/Steps-to-Home.pdf

Lol, Jimi that's not quite what GDR are saying:

"Further drawdowns are conditional on meeting certain share trading criteria, which are set out in note 6 and were also set out in the Company's circular issued on 24 April 2023 and therefore further drawdowns cannot be considered as guaranteed. The Board is planning for an equity or debt raise in early 2024 to support the growth and development plans of the business and allow the Group to continue to operate as a going concern. "

Lol Jimi, That's not

Though obviously, they will want to get all this covered with one raise, if they can. My guess is all this will come to about £10 million.

Roger, GDR's commentary in the results RNS states they are looking for three sets of funding as I read it. One is for FDA (which they've previously said would cost about £2m, though this was some time ago when they gave that estimate.)

From 30 November RNS:

1. "The Group's current cash runway is limited...... further funding will be required in early 2024 in order to continue as a going concern."

2. "We are now looking at funding options to take us forward for FDA approval for the MT-RNR1 product, with substantially all of the exploratory groundwork completed we are ready to proceed to the next step."

3. "Future funding would also be required to support the ongoing development of the instrumentation allowing us to capitalise on our pharmacogenetic positioning in emergency care and add further tests to our existing menu."

"because of having a new CEO"

This is the story of GDR. BIg, costly failures for IIs and Pis in trying to use the platform for infectious diseases. Now they only focusing on "pharmagenics" but it's a long and uncertain road to get to real commercial success. There's low or no competition but it's painfully slow at the moment getting hospitals/governments/insurers to adopt this new technology. I very much doubt Brighton came about because of having a CEO. The process of getting them to fully adopt it for routine use must have started at least 6 months ago IMO.

Lol Nissan, You just posted a link about a failed GDR product that's no longer commercially available. Are you ok?

Don't understand why you think I made a loss on GDR Durham. I havent done and I'm not currently invested. That's why I don't mind where the placing price is. I have plenty of capital to deploy. Post a decent placing this should be a good investment, so I'll be going in big. (I think much of the ramping going on here at the moment is by people who have big paper losses and are hoping to get out prior to the placing)

And they clearly state in the results RNS that they'll need to receive the tax credit money just to be able to keep going to the end of Q1. Beginning of January, they'll be down to just 900k, and cash burn is 400k per month! They 'll definitely need to be telling the IIs how many hospitals they expect to sign up over various time frames if they're going to raise the funds they need. Information they haven't yet made public to use lot!

They need about 120 hospitals to sign up based on expected revenue per hospital of circa £40k just to break even, based on the £400k cash burn per month. So far they have 4 signed up and they haven't even said how many they expect to have in total over the next 6 months, 1 year, 3 years or 5 years.

Well this is what the company said in it's results RNS of 30 November about the outlook:

Outlook

Our mission is to leverage our technology to facilitate the improvement of health outcomes and it is encouraging that we are now beginning to bear the fruits of our labour. The Group will need to raise further funds in early 2024 to allow us to continue to operate as a going concern and fulfil our mission.

I think it's good though that to me makes it more likely they WILL get the finance they need through placing.

Gloria, Would be very surprising if they didn't have a contract in place with the Greater Manchester trust. AIHL is in "routine use" with three of their hospitals!

Yes, Gloria, but the 3 in Manchester that Budd signed up are not centrally funded either...