Genedrive’s £7 Million Placing And £1 Million Broker Option

Addleshaw Goddard advised Genedrive on the transaction.

Genedrive, an AIM-listed near molecular diagnostics company, has received commitments to raise £7 million through the issue of 8,750,000 new ordinary share in a Placing and commitments to raise a further £1m through the issue of 1,250,000 new ordinary shares via a Broker Option by Peel Hunt and finnCap. Genedrive announced in March that it had refocused a significant part of its core resources towards development of two SARS-CoV-2 tests to detect people with active COVID-19 infections. This fundraise will support the rapid development of the Genedrive® SARS-CoV-2 assays, a one step “ready to go” test that can be used on multiple third party platforms, perform 96 tests in under 2 hours and is available as of today. The second test is for use on the Genedrive® diagnostic platform, will be able to be transported globally without the need for refrigeration, can be used in a variety of environments and settings and is expected to be available by the end of the year.

Genedrive has seen its share price rise substantially over the last few weeks, reflecting increased investor interest in companies with potential diagnostic and therapeutic solutions to the COVID-19 crisis. There has been great interest from existing and new investors, with both the Placing and Broker Option being oversubscribed.

Anna Brown (Picture), a corporate Partner at Addleshaw Goddard led the team acting for genedrive.

Involved fees earner: Anna Brown – Addleshaw Goddard;

Law Firms: Addleshaw Goddard;

Clients: Genedrive;