REG - Genedrive PLC - Further re Equity Financing

GenedriveAnnouncement

06/10/2025 07:00

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RNS Number : 1673C  Genedrive PLC  06 October 2025

genedrive plc

("genedrive" or the "Company")

 

Further re Equity Financing

 

genedrive plc (LSE: GDR), the point of care pharmacogenetic testing company
today responds to comments and speculation on online bulletin boards that
other financing options may have been available to the Company and/or that the
Company may have been in receipt of expressions of interest from potential
acquirers prior to or since the equity financing announced by the Company on
23 September 2025 (the "Equity Financing").

 

The Company reiterates that the Equity Financing was the only certain
financing option available to it.  The Board and its advisers had sought
other financing solutions from a wide range of potential providers over
several months, and whilst some preliminary term sheets were received none of
these provided a more favourable solution to the Equity Financing which has
been presented to shareholders.

 

The Company did engage with some specialist venture debt providers, but no
term sheets were received from such groups given the position of the Company.
The Company also had discussions with a small number of its larger
shareholders in the days prior to the announcement of the Equity Financing and
no alternative proposals were received as a result of those discussions. The
Company can also confirm that David Nugent, a 10.1 per cent. shareholder in
the Company as of 2 October 2025 including via a limited company, requested a
Board seat prior to the Equity Financing and again more recently. The Board's
position was clearly communicated to David Nugent at that time and
subsequently that it would be prepared to offer a Board seat conditional on
him providing material additional funding to the Company as part of the Equity
Financing or any other alternative funding proposal that he might choose to
present to the Board. David Nugent was wall-crossed prior to the Equity
Financing being announced yet declined to participate and has not provided any
alternative financing solutions for the Company to consider. David Nugent has
also requested further information from the Company, some of which the Board
provided in good faith accompanied with an appropriate confidentiality
agreement, which, so far, has not been signed but is a prerequisite for the
Company to provide the additional information.

 

The Company also confirms it did not receive any expressions of interest from
potential acquirers of the Company ahead of the Equity Financing and has not
received any subsequently.

 

The Company's cash runway has recently been extended through to the end of
2025 as a result of the Firm Placing completing.  However, should the
Conditional Placing and Retail Offer not complete the Company's cash runway
will be very limited and there can be no certainty whatsoever that additional
financing will be available.

 

The Board would welcome Mr Nugent providing a viable alternative financing
proposal to the Equity Financing, but should such a proposal not be received
and the Conditional Placing and Retail Offer not complete, the Board considers
that it is highly likely that the Company would in the coming weeks be
required to take steps in order to protect the interests of, inter alia,
creditors of the Company. Accordingly, the Directors consider that it is very
important that shareholders vote in favour of the resolutions being proposed
at the General Meeting on 15 October 2025.

 

Capitalised terms in this announcement shall, unless the context demands
otherwise, bear the meanings given to such terms in the Launch Announcement
issued on 23 September 2025.

 

For further details please contact:

 

 genedrive plc                                                                +44 (0)161 989 0245
 Gino Miele: CEO / Russ Shaw: CFO

 Peel Hunt LLP (Nominated Adviser and Broker)                                 +44 (0)20 7418 8900
 James Steel

 Allenby Capital Limited (Joint Broker and Joint Bookrunner to the Placing)   +44 (0)20 3328 5656

 Nick Athanas / Vivek Bhardwaj (Corporate Finance)                            info@allenbycapital.com (mailto:info@allenbycapital.com)

 Amrit Nahal / Kelly Gardiner (Sales & Corporate Broking)

 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.genedrive.com)

genedrive plc is a pharmacogenetic testing company developing and
commercialising a low cost, rapid, versatile and simple to use point of need
pharmacogenetic platform for the diagnosis of genetic variants. This helps
clinicians to quickly access key genetic information that will aid them make
the right choices over the right medicine or dosage to use for an effective
treatment, particularly important in time-critical emergency care healthcare
paradigms. Based in the UK, the Company is at the forefront of Point of Care
pharmacogenetic testing in emergency healthcare. Pharmacogenetics informs on
how your individual genetics impact a medicines ability to work for you.
Therefore, by using pharmacogenetics, medicine choices can be personalised,
made safer and more effective. The Company has launched its two flagship
products, the Genedrive® MT-RNR1 ID Kit and the Genedrive® CYP2C19 ID Kit,
both developed and validated in collaboration with NHS partners and deployed
on its point of care thermocycler platform. Both tests are single-use
disposable cartridges which are ambient temperature stable, circumventing the
requirement for cold chain logistics. The Directors believe the Genedrive®
MT-RNR1 ID Kit is a worlds-first and allows clinicians to make a decision on
antibiotic use in neonatal intensive care units within 26 minutes, ensuring
vital care is delivered, avoiding adverse effects potentially otherwise
encountered and with no negative impact on the patient care pathway. Its
CYP2C19 ID Kit which has no comparably positioned competitor currently allows
clinicians to make a decision on the use of Clopidogrel in stroke patients in
70 minutes, ensuring that patients who are unlikely to benefit from or suffer
adverse effects from Clopidogrel receive an alternative antiplatelet
therapeutic in a timely manner, ultimately improving outcomes. Both tests have
undergone review by the National Institute for Health and Care Clinical
Excellence ("NICE") and have been recommended for use in the UK NHS. 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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