Equity Fundraise

THIS ANNOUNCEMENT (THE "ANNOUNCEMENT") AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA, ITS STATES, TERRITORIES AND POSSESSIONS ("UNITED STATES"), AUSTRALIA, CANADA, JAPAN, SINGAPORE, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE PROHIBITED BY ANY APPLICABLE LAW.

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR THE SOLICITATION TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY SECURITIES.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR.

genedrive plc

("genedrive" or the "Company")

Equity Fundraise

genedrive plc (AIM: GDR), the point-of-care pharmacogenetic testing company announces that it has conditionally raised gross proceeds of £1.0 million by means of a subscription (the "Subscription") for 66,666,666 new ordinary shares of 1.5 pence each in the capital of the Company ("Ordinary Shares") by the market making arm of Peel Hunt LLP (the "Subscription Shares") at a price of 1.5 pence per new Ordinary Share (the "Issue Price"). 

The Issue Price represents a discount of approximately 17.8% to the closing mid-market price for genedrive shares on 26 March 2025.

Use of proceeds

The net proceeds from the Subscription will provide genedrive with additional working capital as it actively pursues a broad range of growing commercial opportunities in the UK and internationally at the present time, including both commercial sales and potential non-dilutive grant income. CE-IVD certification for genedrive's CYP2C19 test, which is on track for April 2025, will also enable in-country registration and subsequently sales of the test to commence outside of the UK and genedrive is particularly encouraged by opportunities presented in the Middle East region, where it has focused significant efforts and expenditure to understand market access and reimbursement routes as well as identification of primary target hospitals, opinion leaders and healthcare organisations and will update further in due course as opportunities are converted as appropriate. The Subscription provides the Company with an extended cash runway to seek to close a number of the commercial and other opportunities in front of it and further drive shareholder value. The Board will continue to assess longer term financing options in the meantime.

RetailBook Offer

The Company has separately engaged RetailBook to undertake a RetailBook Offer of the RetailBook Shares at the Issue Price to existing retail investors through the RetailBook platform alongside the Subscription. The RetailBook Offer is for up to 16,666,666 new Ordinary Shares (the "RetailBook Shares"), raising gross proceeds of up to approximately £250,000 at the Issue Price. The RetailBook Offer is not being underwritten. A separate announcement will be made shortly by the Company regarding the RetailBook Offer and its terms and conditions.

Related Party Transaction

Peel Hunt LLP is a related party of the Company pursuant to the AIM Rules so its participation in the Subscription (including the commission payable) is a related party transaction for the purposes of AIM Rule 13. The Directors consider, having consulted with the Company's nominated adviser, Peel Hunt LLP, whose Nominated Adviser function is independent of its market making arm, confirms that the terms of the participation in the Subscription by Peel Hunt LLP (including the commission payable) are fair and reasonable insofar as Shareholders are concerned.

Further information on the Subscription

Peel Hunt LLP is charging an industry standard commission on the value of the Subscription Shares. 

Interim results

genedrive has today issued its unaudited interim results for the period ended 31 December 2024.

Admission

The Company has applied for the Subscription Shares and the maximum number of RetailBook Shares that may be subscribed for to be admitted to trading on AIM ("Admission") by 8.00 a.m. on or around 3 April 2025.

The Subscription Shares and RetailBook Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares of the Company including the right to receive all dividends or other distributions made, paid or declared in respect of such shares after Admission.

The person responsible for arranging release of this announcement on behalf of the Company is Russ Shaw, CFO.

For further information, please contact:

About genedrive plc (http://www.genedriveplc.com).

genedrive plc is a pharmacogenetic testing company developing and commercialising a low cost, rapid, versatile and simple to use point of need pharmacogenetic platform for the diagnosis of genetic variants. This helps clinicians to quickly access key genetic information that will aid them make the right choices over the right medicine or dosage to use for an effective treatment, particularly important in time-critical emergency care healthcare paradigms. Based in the UK, the Company is at the forefront of Point of Care pharmacogenetic testing in emergency healthcare. Pharmacogenetics informs on how your individual genetics impact a medicines ability to work for you. Therefore, by using pharmacogenetics, medicine choices can be personalised, made safer and more effective. The Company has launched its two flagship products, the Genedrive® MT-RNR1 ID Kit and the Genedrive® CYP2C19 ID Kit, both developed and validated in collaboration with NHS partners and deployed on its point of care thermocycler platform. Both tests are single-use disposable cartridges which are ambient temperature stable, circumventing the requirement for cold chain logistics. The Directors believe the Genedrive® MT-RNR1 ID Kit is a worlds-first and allows clinicians to make a decision on antibiotic use in neonatal intensive care units within 26 minutes, ensuring vital care is delivered, avoiding adverse effects potentially otherwise encountered and with no negative impact on the patient care pathway. Its CYP2C19 ID Kit which has no comparably positioned competitor currently allows clinicians to make a decision on the use of Clopidogrel in stroke patients in 70 minutes, ensuring that patients who are unlikely to benefit from or suffer adverse effects from Clopidogrel receive an alternative antiplatelet therapeutic in a timely manner, ultimately improving outcomes. Both tests have undergone review by the National Institute for Health and Care Clinical Excellence ("NICE") and have been recommended for use in the UK NHS. 

The Company has a clear commercial strategy focused on accelerating growth through maximising in-market sales, geographic and portfolio expansion and strategic M&A, and operates out of its facilities in Manchester.