Genedrive PLC - Manchester-based pharmacogenetic testing - Completes placing of 138.8 million new shares at 1.5 pence each, raising £2.1 million. The placing is part of an overall equity raise being run by Peel Hunt LLP. Late Thursday, Genedrive had said it will try to raise a minimum of £6.0 million, including offers to retail investors. If that minimum is not reached, then only the firm placing will go ahead. The placing and retail offer prices will be the same and represent a more than 50% discount to Genedrive’s closing price on Thursday. The placing shares will almost double Genedrive’s total, and the retail offers could see another 376.4 million new shares issued. It expects to call a general meeting for May 31 to approve the share issue.
The fresh cash will be used to develop Genedrive’s MT-RNR1 ID test kit, both to accelerate commercialisation in UK, Europe and the Middle East and to fund clinical studies and regulatory submissions in the US.
Current stock price: 2.07p, down 41% in London on Friday
12-month change: down 89%
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