Last checked at 29 Nov 2023 17:25
genedrive plc
("genedrive" or the "Company")
Equity Prepayment Facility drawdown
Application for Listing
Total Voting Rights
genedrive plc (LSE: GDR), the point of care molecular diagnostics company, today announces a further scheduled £300,000 draw down under the terms of the £5m Equity Prepayment Facility, which was previously announced by the Company on 31 March 2023. Investors have been granted 1,614,669 warrants equal to 40% of this drawdown divided by the Reference Price of 7.43186 pence. The exercise price of the warrants payable to the Company will be 140% of the Reference Price equating to 10.4046 pence.
Capitalised terms in this announcement shall, unless the context demands otherwise, bear the meanings given to such terms in the announcement of the Facility made via RNS on 31 March 2023.
In order to support the further drawdown and delivery of the £5m Equity Prepayment facility that was announced on 31 March 2023, application will be made for the Admission to trading on AIM of 3,300,000 new Ordinary Shares of 1.5p each ("New Ordinary Shares"). Admission of the New Ordinary Shares ("Admission") is expected to occur on 5 December 2023. Following Admission, the New Ordinary Shares will rank pari passu in all respects with the Company's existing ordinary shares.
Following Admission the Company's issued share capital will consist of 111,739,946 Ordinary Shares of 1.5p each and this figure may be used by shareholders as the denominator for the calculations by which they should determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
For further details please contact:
genedrive plc | +44 (0)161 989 0245 |
James Cheek: CEO / Russ Shaw: CFO | |
Peel Hunt LLP (Nominated Adviser and Joint Broker) | +44 (0)20 7418 8900 |
James Steel / Patrick Birkholm | |
Walbrook PR Ltd (Media & Investor Relations) | +44 (0)20 7933 8780 or genedrive@walbrookpr.com |
Anna Dunphy | +44 (0)7876 741 001 |
About genedrive plc (http://www.genedriveplc.com)
genedrive plc is a pharmacogenetic testing company developing and commercialising a low cost, rapid, versatile, simple to use and robust point of need pharmacogenetic platform for the diagnosis of genetic variations. This helps clinicians to quickly access key genetic information that will help them make the right choices over the right medicine or dosage to use for an effective treatment. Based in the UK, the Company is at the forefront of work on Point of Care pharmacogenetics. Pharmacogenetics looks at how your genetics impacts a medicines ability to work for you. Therefore by using pharmacogenetics, medicines can be made safer and more effective. The Company has launched its flagship product, the Genedrive® MT-RNR1 ID Kit, which is a single-use disposable cartridge which circumvents the requirement for cold chain logistics by providing temperature stable reagent test kits for use on their proprietary test platform. This test allows clinicians to make a decision on antibiotic use within 26 minutes, ensuring vital care is delivered with no negative impact on the patient pathway.
The Company has a clear commercial strategy focused on accelerating growth through maximising in-market sales, geographic and portfolio expansion and strategic M&A, and operates out of its facilities in Manchester.