Business
Portfolio Update: Glycotest and ProAxsis
EMV Capital plc has announced significant developments for its portfolio companies, Glycotest and ProAxsis, which will result in their deconsolidation as EMV Capital no longer exercises control. Glycotest successfully closed a first tranche fundraising of approximately $3.22 million, with EMV Capital converting $0.97 million of its convertible loan and retaining a 48.67% equity holding valued at £13.7 million post-investment, a 24.3% increase. ProAxsis has completed a share capital reorganisation to qualify for EIS funding and is proposing a fundraising of up to £1 million, with EMV Capital's equity holding now at 49.87%. Additionally, ProAxsis has entered into a loan agreement with AB Group Limited for approximately £525,000, which includes warrants representing 3.08% of ProAxsis's fully diluted share capital. Disclaimer*
About this update from Emv Capital Plc
Strictly embargoed for: 07.00 a.m. on 1 July 2026 EMV Capital plc (EMV Capital or EMVC or the Company or the Group) Glycotest $3.22 million first close fundraising and ProAxsis share capital reorganisation, proposed fundraising of up to £1 million and related party transaction EMV Capital plc (AIM: EMVC), the deep tech and life sciences VC investment group, is pleased to announce that Glycotest, Inc. (Glycotest) has successfully closed a first tranche fundraising (Glycotest Fundraising) and ProAxsis Limited (ProAxsis) has completed a share capital reorganisation (ProAxsis Reorganisation) ahead of a planned fundraising, which in each case results in these portfolio companies ceasing to be consolidated subsidiaries of the Group as of 30 June 2026. Glycotest Fundraising The Glycotest Fundraising was led and syndicated by EMV Capital Partners Limited (EMVCP), the Group's wholly owned venture capital and corporate finance firm. The Glycotest Fundraising totals c.$3.22 million of equity investment, including c.$1.05 million of cash and c.$2.17 million from the conversion of certain existing loans (and accrued interest thereon). Of the loans converting, the Group converted c.$0.97 million of its outstanding convertible loan and accrued interest (CLA), leaving a balance of c.$0.37 million which the Group may consider converting in follow-on funding rounds. Glycotest has headroom to close additional funding up to c.$1.95 million in further rounds within 120 days of the first closing (or such longer date as its board may determine). The proceeds from the Glycotest Fundraising will be used for: · the progression of second-generation glycoproteomic assay development with the University of Georgia Complex Carbohydrate Research Center UGA CCRC - assaying over 1,300 clinical validation study samples to generate the data set required for algorithm training and HCC Panel performance validation; · preparatory steps toward CLIA lab establishment for a targeted 2027 commercial launch; and · working capital. Following the completion of the first closing of the Glycotest Fundraising, the Group's total equity holding in Glycotest is 48.67 per cent. (fully diluted but not including the outstanding balance of the CLA), which equates to a post-investment fair value of £13.7 million. The structure of t...