REG - Genedrive PLC - Equity Prepayment Facility drawdown

GenedriveAnnouncement

02/01/2024 07:00

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RNS Number : 2580Y  Genedrive PLC  02 January 2024

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
                                                   (mailto:genedrive@walbrookpr.com)
 Anna Dunphy                                        +44 (0)7876 741 001

 

 

About genedrive plc (http://www.genedriveplc.com
(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.

 

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