Business
Business Update
Business Update.
About this update from Genedrive Plc
[{"type":"text","content":"\n \nRNS Number : 3750A Epistem Holdings plc 07 June 2016 \n\n \n \n \nRNS Press Release \nFor release: 7 June 2016\n \nBusiness Update\n \n \nNew £2.5 m Cornerstone Investor Identified \nand\nAgreement Reached to Defer Maturity of $8m Bond to July 2021\n \nEpistem Holdings Plc (LSE: EHP), the molecular diagnostics, personalised medicine and biotechnology company, today provides a business update following the publication of the Company's interim results on 31 March 2016 (\"Interim Results\").\n \nThe Interim Results confirmed that the Company had been holding discussions with shareholders and other investors with regards to securing equity funding of approximately £6.5m (before expenses) to broaden the portfolio of Genedrive® tests, to undertake clinical trials to expand market entrance, to fund increased commercialisation and business development activities as well as broadening the Company's infrastructure to support anticipated growth in its molecular diagnostics business. At that time, the Company had received non-binding indicative support from a number of existing shareholders and non-holders for the proposed equity raise. However, selected shareholders and potential investors had expressed a desire that as part of an equity financing the Company extend the maturity date of an $8m bond as detailed below.\n \nNew £2.5m Cornerstone Investor and Re-Engagement with Shareholders and Potential Investors in Connection with Equity Raise\nHaving secured an agreement to defer maturity of the bond (as detailed below), the Company and its brokers will shortly be re-engaging with shareholders and other potential investors in order to seek to close the proposed equity raise. The Company is pleased to announce that it has recently received a non-binding investment committee approved commitment from Calculus Capital, a leading UK based VCT and EIS investor, to subscribe for £2.5m out of the proposed £6.5m equity issue at an indicative issue price of between 70p and 80p per share. The Company and its brokers approached Calculus Capital, which has a strong track record in the healthcare sector, subsequent to the release of the Company's Interim Results and this support is therefore incremental to that which the Company had identified at the time of the Interim Results. This new corne...