Last checked at 2 Jan 2024 07:00
genedrive plc
("genedrive" or the "Company")
Equity Prepayment Facility drawdown
genedrive plc (AIM: GDR), the point of care pharmacogenetic testing company, today announces a further scheduled £600,000 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 3,093,915 warrants equal to 40% of this drawdown divided by the Reference Price of 7.7572 pence. The exercise price of the warrants payable to the Company will be 140% of the Reference Price equating to 10.86 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.
For further details please contact:
genedrive plc | +44 (0)161 989 0245 |
James Cheek: CEO / Russ Shaw: CFO | |
Peel Hunt LLP (Nominated Adviser and 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.