Genedrive PLC - Manchester-based pharmacogenetic testing company - Seeks to raise a minimum of £6.0 million from an offer of new shares at 1.5 pence each. The announcement is made after the London market close on Thursday, and the price represents a more than 50% discount to Genedrive’s closing price. The equity raise will be split into a firm placing of shares for £2.5 million, an offer to new and existing retail investors via the REX platform for £3.5 million, and an open offer to existing shareholders for £2.1 million. Genedrive says that if the £6.0 million minimum target is not reached, then only the firm placing will go ahead. The share sale is being run by broker Peel Hunt LLP.

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: 3.40p

12-month change: down 83%

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