REG - EKF Diagnostics Hldg - Further Investment in Verici Dx plc

EKF Diagnostics HoldingsAnnouncement

07/03/2022 07:00

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RNS Number : 7775D  EKF Diagnostics Holdings PLC  07 March 2022

EKF Diagnostics Holdings plc

("EKF", the "Company" or the "Group")

 

Further Investment in Verici Dx plc

 

EKF Diagnostics Holdings plc (AIM: EKF), the AIM-listed global diagnostics
business, notes the announcements released by Verici Dx plc ("Verici Dx", AIM:
VRCI) on 4 March 2022 relating to the successful Placing for Verici Dx, a
developer of advanced clinical diagnostics for organ transplant. As part of
the Placing EKF invested in 7,142,857 Placing Shares for a consideration of
£2.5 million.

 

Commenting on the investment Mike Salter, Chief Executive Officer of EKF,
said:

"We are delighted to be able to support Verici Dx, which is developing a
leading-edge kidney transplant testing platform aimed at providing clinicians
with personalised patient and organ response risk profiles. Verici Dx
addresses a very important market need and the additional funds raised will
accelerate the progress Verici Dx has already made to date towards commercial
launch of its two lead products, as well as the development of its third
product.

 

"As well as investing for growth in our expanded core business at EKF, both
organically and through targeted acquisitions, our stated strategy is to
generate value through selected investments in innovative commercial
opportunities, as we have done though our agreement with Mount Sinai
Innovation Partners ("MSIP"). This additional investment adds to our existing
shareholding in Verici Dx and we will seek to deliver value to EKF
shareholders by distributing the resultant holding to them in due course."

 

The following information, extracted from Verici Dx's Launch of Fundraise
announcement, is reiterated in the interest of clarity for EKF shareholders:

 

EKF intends that any new ordinary shares received as a result of its
participation in the Fundraise will be distributed to its own underlying
shareholders along with EKF's existing shareholding in the Company as soon as
reasonably practicable and subject to appropriate arrangements to maintain an
orderly market in Verici's shares following such distribution.

 

EKF will make further announcements regarding the distribution at the
appropriate time.

 

EKF Shareholders may also wish to note the relevant Verici Dx plc
announcements which can be viewed via the following links:

 

Proposed Fundraise (RNS 6654D, 07:10, 4 March 2022)

https://www.londonstockexchange.com/news-article/VRCI/proposed-fundraise/15353841
(https://www.londonstockexchange.com/news-article/VRCI/proposed-fundraise/15353841)

 

Result of Fundraise (RNS 7473D, 16:13, 4 March 2022)

https://www.londonstockexchange.com/news-article/VRCI/result-of-fundraise/15355048

 

Notes:

(1) https://www.ekfdiagnostics.com/iqs/dbitemid.344/sfa.view/2019-1.html
(https://www.ekfdiagnostics.com/iqs/dbitemid.344/sfa.view/2019-1.html)

 

 

 EKF Diagnostics Holdings plc                                 www.ekfdiagnostics.com (http://www.ekfdiagnostics.com)
 Christopher Mills, Non-Executive Chairman                     Tel: +44 (0)29 2071 0570
 Mike Salter, CEO
 Marc Davies, CFO

 Singer Capital Markets (Nominated Adviser & Joint Broker)                                  Tel: +44 (0)20 7496 3000
 Aubrey Powell / George Tzimas / Tom Salvesen

 Investec Bank plc (Joint Broker)                             Tel: +44 (0)20 7597 4000
 Gary Clarence / Daniel Adams / Ben Farrow

 Walbrook PR Limited               Tel: +44 (0)20 7933 8780 or ekf@walbrookpr.com (mailto:ekf@walbrookpr.com)
 Paul McManus / Lianne Applegarth  Mob: +44 (0)7980 541 893 / +44 (0)7584 391 303

 

 

About EKF Diagnostics Holdings plc (www.ekfdiagnostics.com
(http://www.ekfdiagnostics.com) )

EKF is a leading point-of-care diagnostics and central laboratory assay
manufacturer with an estimated 80,000 hemoglobin, hematocrit, HbA1c, glucose
and lactate analysers in regular use across more than 100 countries. EKF
specialises in developing tests for use in anemia and diabetes diagnosis and
management, as well as providing a portfolio of reagents for use in clinical
chemistry analysers.

 

EKF specialises in the development, production and worldwide distribution of
point-of-care analyzers and clinical chemistry reagents for use in hospital
and research laboratories, doctor's offices, blood banks and for in-field
anaemia screening programmes. EKF is also a bulk manufacturer of enzymes and
has custom manufacturing facilities across sites in the US, UK and Europe for
a variety of life science products. Driven by customer demand EKF has invested
significantly in increasing the Company's fermentation capacity. The Company's
capabilities and capacity in contract manufacturing for sample collection,
tests and test kits have seen dramatic growth following strong demand for
during the COVID-19 pandemic, and these income streams are now being
diversified for application to other non-COVID areas of diagnostic testing,
molecular disease and forensic test manufacture.

 

In May 2021, EKF outlined its strategy through to 2024 for delivering
additional growth. As well as the growth expected in Contract Manufacturing
across Life Sciences, molecular diagnostics and other applications, the
Company expects to leverage existing distribution channels for organic growth,
both in the core business and from additional products to expand the core
range, but also through executing earnings enhancing acquisitions and
delivering further value creating investments associated with the preferred
partnership agreement with Mount Sinai Innovation Partners.

 

In October 2021, EKF completed the acquisition of Advanced Diagnostic
Laboratory LLC, a Texas based testing laboratory certified under the Clinical
Laboratory Improvement Amendments ("CLIA") for high complexity testing. The
laboratory provides testing for a variety of clinical, forensic and
microbiological sample types using a range of analytical techniques. This
acquisition positions EKF as a leading 'one stop' provider of diagnostic
products and services from sample collection to results.

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