REG - Yourgene Health PLC - Statement re. Silicon Valley Bank

Yourgene HealthAnnouncement

13/03/2023 07:00

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RNS Number : 6634S  Yourgene Health PLC  13 March 2023

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                                                         Tel: +44 (0)161 669 8122

 Lyn Rees, Chief Executive Officer                                           investors@yourgenehealth.com (mailto: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

 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
                                                 (mailto: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/ (https://yourgenehealth.com/) and follow us on
twitter @Yourgene_Health.

 

 

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