MANCHESTER, UK: genedrive plc (LSE: GDR), a leader in point-of-care pharmacogenetic testing, has unveiled a comprehensive fundraising initiative aimed at securing approximately £8.1 million. The strategy includes a placing of shares at 1.5 pence each, significantly below the closing price on 8 May 2024, with no underwriting involved.

The fundraising is structured into three main components:

• A Firm Placing to raise around £0.17 million through the sale of 11,173,994 new Ordinary Shares, which is not dependent on shareholder approval or minimum proceeds.
• A Conditional Placing and REX Offer, both subject to shareholder resolutions and raising minimum proceeds, expected to generate £2.3 million and £3.5 million, respectively, through the issuance of new Ordinary Shares.
• An Open Offer to existing shareholders, potentially adding another £2.1 million to the company’s coffers.

The proceeds are earmarked for expanding operations across the UK, Europe, and the Middle East, funding U.S. clinical studies and FDA regulatory submissions for the company’s innovative AIHL test, following a recent agreement with a major U.S. physician group.

The success of the fundraising hinges on achieving at least £6.0 million in gross proceeds, excluding the Firm Placing should it become unconditional. A general meeting later this month will be crucial for the approval of the necessary resolutions to move forward with the fundraising plans.