Last checked at 26 Feb 2019 07:00
FUNDING UPDATE
Paris, France and Camberley, UK - 26 February 2019 - Novacyt (EURONEXT GROWTH: ALNOV; AIM: NCYT), an international specialist in clinical diagnostics, announces an update on its current position and funding plans. The Company confirms that 2019 trading has started positively and is in line with 2019 management expectations. The Company also continues to make progress with the ongoing negotiations in relation to the sale of the NOVAprep® and the Clinical Lab businesses and will continue to update the market as the transactions progress.
The Company's cash position as at 22 February 2019 was approximately €950,000 which is ahead of plan and the Company is currently in advanced discussions with debt providers in relation to a material investment of which a significant proportion will be used to consolidate our current debt obligations. The Company expects to complete this financing within the next six to eight weeks. Although there can be no guarantee in respect of the amount that can be raised, the preference of the Company is to target the raising of funds in the least dilutive form for shareholders. Further announcements will be made as appropriate in due course.
Inside Information
This announcement contains inside information. The person responsible for arranging for the release of this announcement on behalf of the Company is Anthony Dyer.
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Contacts
Novacyt SA
Graham Mullis, Chief Executive Officer
Anthony Dyer, Chief Financial Officer
+44 (0)1223 395472
Stifel Nicolaus Europe Limited (Nominated Advisor and Joint Broker)
Jonathan Senior / Fred Walsh / Ben Maddison
+44 (0)20 7610 7600
WG Partners (Joint Broker)
Nigel Birks / Chris Lee / Claes Spång
+44 (0) 203 705 9330
FTI Consulting (International)
Brett Pollard / Victoria Foster Mitchell/ Mary Whittow
+44 (0)20 3727 1000
brett.pollard@fticonsulting.com/victoria.fostermitchell@fticonsulting.com/ Mary.whittow@fticonsulting.com
FTI Consulting (France)
Arnaud de Cheffontaines / Astrid Villette
+33 (0)147 03 69 47 / +33 (0)147 03 69 51
arnaud.decheffontaines@fticonsulting.com / astrid.villette@fticonsulting.com
About Novacyt Group
The Novacyt Group is a rapidly growing, international diagnostics group with a growing portfolio of cancer and infectious disease products and services. Through its proprietary technology platform, NOVAPrep®, and molecular platform, genesig®, Novacyt is able to provide an extensive range of oncology and infectious disease diagnostic products across an extensive international distributor network. The Group has diversified sales from diagnostic reagents used in oncology, microbiology, haematology and serology markets, and its global customers and partners include major corporates.
For more information please refer to the website: www.novacyt.com