genedrive PLC (AIM:GDR) shares were lower on Wednesday, after the firm completed a deeply-discounted (64%) equity raise to bring in £3.2 million to support the firm's 'near-term commercialisation' and a planned expansion.
The spending is expected to include investments to improve manufacturing scale-up and efficiencies, as well as an FDA submission in early 2026, along with other items on the team's to-do list.
Some 1.6 billion new shares are being issued at 0.2p each, raising gross proceeds of about £3.2 million, and another 159.9 million new shares are being sold via a retail offer process, slated to close on 26 September.
In London, Genedrive shares were down more than 50% changing hands at 0.25p, from Tuesday's close of 0.53p.