Genedrive raises £1.23m following latest fundraising event

Manchester-based molecular testing business, Genedrive, which makes medical testing equipment, has raised gross proceeds of £1.23m following a fundraise.

The company launched a subscription, in conjunction with a retail offer, on March 27.

When the RetailBook offer closed on March 31, it had raised approximately £226,308.92 through the issue of 15,087,261 new ordinary shares at the issue price of 1.5 pence per share. Shares closed last night at 1.53p.

Following the close of the RetailBook Offer, the company had conditionally raised gross proceeds of approximately £1.23m, requiring the issue and allotment of 81,753,927 new ordinary shares.

Application has been made to the London Stock Exchange for the fundraising shares to be admitted to trading on AIM, with dealing expected to begin at 8am on April 3.

Following admission, the issued share capital of the company is expected to comprise 624,895,408 ordinary shares.

Last month Genedrive revealed that the Scottish government is investing almost £2m into the phased delivery of two national scale medical testing programmes using two of its kits.

Its MT-RNR1-ID and CYP2C19-ID kits are used to test newborn babies and stroke victims.

Genedrive CEO, Dr Gino Miele, said at the time: “Genedrive are proud to be at the forefront of enabling the impact of near-patient pharmacogenetic testing and we look forward to updating the market in due course as the contractual and operational planning phases of these programmes are confirmed.”