13 Mar 2023 07:00
Yourgene Health plc
("Yourgene", the "Group" or the "Company")
Statement re. Silicon Valley Bank
Manchester, UK - 13 March 2023: Yourgene (AIM: YGEN), a leading international molecular diagnostic group, provides an update to investors about the implications of the Silicon Valley Bank ("SVB") receivership.
Investors will be aware that the Company has borrowings under a loan agreement with SVB. Yourgene primarily works with SVB's UK division which operates under its own banking licence. At present, the Company holds approximately £20,000 on deposit with SVB UK in accounts used solely for payment of loan instalments and associated interest. The insolvency of SVB UK therefore has no immediate material impact on Yourgene's cash holdings or its ability to continue trading.
The Company's only exposure to SVB in the US is for day-to-day trading purposes for its small US commercial team and operates a handful of company credit cards in the US. The modest level of funds held by the Company in a US account with SVB was transferred to accounts with other banks as events unfolded last week. The Company has alternative US Dollar accounts in the UK and Canada which it can use as for banking purposes in North America. Outside the UK and the US, the Company does not use SVB services for any banking activities.
The Company believes its remaining SVB deposits are protected by the relevant insurance schemes in the UK and US.
As previously disclosed, the Company has a term loan facility with SVB UK and continues to meet its repayment and other commitments as agreed with the lender. The current balance outstanding is circa £3m and the facility is due to be fully repaid by 30 September 2024.
The Directors of the Company take responsibility for this announcement.
Yourgene Health plc Lyn Rees, Chief Executive Officer | Tel: +44 (0)161 669 8122 investors@yourgenehealth.com | |
Barry Hextall, Chief Financial Officer | ||
Joanne Cross, Director of Marketing | ||
Cairn Financial Advisers LLP (NOMAD) | Tel: +44 (0)20 7213 0880 | |
Liam Murray / Ludovico Lazzaretti | ||
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Singer Capital Markets (Corporate Broker) | Tel: +44 (0)20 7496 3000 | |
Aubrey Powell / Tom Salvesen / George Tzimas | ||
Walbrook PR Ltd (Media and Investor Relations) | Tel: +44 (0)20 7933 8780 or yourgene@walbrookpr.com | |
Paul McManus / Alice Woodings / Lianne Applegarth | Mob: 07980 541 893 / 07407 804 654/ 07584 391 303 | |
About Yourgene Health
Yourgene Health is an international molecular diagnostics group which develops integrated genomic technologies and services enabling precision medicine. The group works in partnership with global leaders in DNA technology to advance diagnostic science.
Yourgene primarily develops, manufactures, and commercialises simple and accurate molecular diagnostic solutions, for reproductive health, precision medicine and now infectious diseases. The Group's flagship products include non-invasive prenatal tests (NIPT) for Down's Syndrome and other genetic disorders, Cystic Fibrosis screening tests, invasive rapid aneuploidy tests, and a recent extension into the oncology space with DPYD genotyping.
The launch of Yourgene Genomic Services has enabled Yourgene to offer a global laboratory service network equipped to be a full life-cycle partner for clinical, research and pharmaceutical organisations to support partners at the preclinical, clinical, and post-market stages to develop, manufacture, obtain regulatory approval and commercialise new products and services. In addition, Yourgene Genomic Services offers an NIPT and high throughput COVID testing service.
In August 2020, Yourgene acquired Coastal Genomics, Inc., a sample preparation technology company based in Vancouver, Canada, enabling the Company to extend its offering and IP portfolio in the DNA sample preparation sector. The acquisition increased Yourgene's geographical penetration into the US and Canada, supplementing existing coverage in the UK, Europe, MEA and Asia.
Yourgene Health is headquartered in Manchester, UK with offices in Taipei, Singapore, the US and Canada, and is listed on the London Stock Exchange's AIM market under the ticker "YGEN". For more information visit https://yourgenehealth.com/ and follow us on twitter @Yourgene_Health.