Name change for Epistem as it raises £6.5m

MANCHESTER biotech company Epistem Holdings has raised £6.5m through a share placing, to broaden the portfolio of its Genedrive tests, developed to fight infectious diseases such as TB across the globe.

The new ordinary shares will represent 43.5% of the company’s enlarged share capital.

Cornerstone investor Calculus Capital subscribed for 3,125,000 placing shares, investing £2.5m of the total £6.5m raised and will hold 16.7% of the enlarged share capital.

The listed company has also announced  that it plans to change its name to Genedrive plc to better reflect the focus of its activities.

David Budd, chief executive officer of Epistem, said: “We are very pleased to announce this fundraising which saw demand from new and existing investors.

“We are excited in the future of Genedrive® in bringing the power of hospital-based, central laboratory diagnostics closer to the point of need and the patient setting.

“These new funds put us in a strong position to deliver on Genedrive’s potential and expand its testing capabilities.”