Genedrive PLC on Thursday said it has conditionally raised £1.0 million via a subscription of new shares as it reported a wider loss in the first-half of its financial year.
The Manchester-based point of care pharmacogenetic testing company said pretax loss widened to £2.5 million in the six months to the end of December from £2.4 million.
Revenue and other income grew 47% to £350,000 from £238,000, while research and development costs climbed 9.7% to £2.1 million from £1.9 million.
Genedrive said it has expanded its production capabilities and sales and marketing team.
During the period, the firm made the first UK commercial sales of its CYP2C19-ID kit to a hyperacute stroke centre.
The company said it has conditionally raised gross proceeds of £1.0 million through the subscription of 66.7 million new shares at 1.50 pence each.
It also announced a retail book offer for up to 16.7 million shares at 1.50p each to raise up to £250,000.
Genedrive said the funds will provide additional working capital as it is ‘actively pursuing a broad range of growing commercial opportunities in the UK and internationally’.
The firm also said that the US remains a ‘significant opportunity’ for both of its tests. It said regulatory clearance for the CYP2C19-ID test is central to its commercialisation strategy.
Chief Executive Officer Gino Miele said: ‘Having expanded our UK sales team, our international commercialisation partners and distribution network we are now seeing clear signs of commercial traction, where following significant preceding phases several sites are becoming routine clinical users, presenting a recurring source of revenue to the company.
‘We are confident that this will continue to grow both in our domestic and international markets, with routine clinical use and growing revenue and pipeline opportunities evidencing clinical need and market fit for our novel products.’
Shares in Genedrive fell 15% to 1.55 pence in London on Thursday afternoon.
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