Business
£5 million Equity Prepayment Facility
£5 million Equity Prepayment Facility.
About this update from Genedrive Plc
[{"type":"text","content":"\n \n \n \n THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY GENEDRIVE PLC TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (\"MAR\").\n \n \n \n \n \n \n \n \n \n UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n \n \n \n \n \n 31\n March 2023\n \n \n \n genedrive plc\n \n \n \n (\"genedrive\", the \"Group\" or the \"Company\")\n \n \n \n \n \n \n \n \n £5 million Equity Prepayment Facility in place with initial draw down of £2 million\n \n \n \n \n \n \n \n \n Manchester, UK - 31 March 2023\n \n :\n genedrive plc (LSE: GDR), the point of care molecular diagnostics company, is pleased to announce that it has agreed terms on an Equity Prepayment Facility for up to £5 million (the \"Facility\") with Riverfort Global Opportunities PCC Limited (the \"Investors\"), with an initial drawn amount of £2 million, expected to be received by the Company in early April 2023, net of associated costs. \n \n \n \n \n \n \n \n \n \n The Facility and the Company's existing cash resources will be directed towards\n the commercialisation of the Company's\n Antibiotic Induced Hearing Loss test, Genedrive® MT-RNR1 ID Kit (\"AIHL test\")\n and enhancing the Genedrive® platform through the validation and verification of the Company's CYP2C19 test,\n Genedrive® CYP2C19 ID Kit (\"CYP2C19 test\") as well as providing additional working capital. \n \n \n \n \n \n \n The Directors have assessed a number of financing options for the Company including an equity raise but believe that the Facility is the best option available to the Company at the present time in order to further fund the Company's progress while also taking consideration of the investor shareholder base. Further, the Directors believe that a combination of the possibility of positive future news flow around the Company's two main assays as well as the potential for reasonable levels of liquidity in the Company's ordinary shares make the Facility the most attractive form of financing for the Company at the current time. \n \n \n \n \n \n The Company is not currently planning for a material increase in the Company's opera...