Pharmacogenetic testing company Genedrive plc has hit its £6 million fundraising target with retail and institutional investors jumping into the heavily discounted share offering.
The open offer saw a 94.4% take-up, generating £2.03 million, although the retail offer undershot the target by raising £1.89 million.
Genedrive was initially hoping to raise £3.5 million via the retail offer conducted on Peel Hunt’s REX platform.
Nonetheless, Genedrive hit its £6 million funding target, with £1.9 million raised through a conditional placing and another £168,000 through a firm placing getting the company over the line.
"We are delighted with the response from our retail shareholders and other investors to this financing which will enable the company to further drive market penetration and sales of its MT-RNR1 test and its CYP2C19 test whilst also progressing our US regulatory plans for our MT-RNR1 test," said chief executive James Cheek.
When Genedrive announced the funding round at 1.5p per share on 9 May, the offer represented a 57.1% discount to the previous day’s closing price.
Shares are expected to start trading on AIM on 3 June.