David Budd, chief executive of genedrive PLC (LON:GDR), caught up with Proactive London's Andrew Scott after raising £5.6mln, net of expenses, through a successful placing of shares and the issue of convertible loan notes.
Genedrive's also announced a proposal to raise up to a further £500,000 by way of a broker option to allow existing and other investors to participate in the fund-raising at the 23p-a-share placing price, which will be open until 6 December 2018.
The net proceeds will fund the working capital needs of the company in relation to the launch of the Genedrive HCV-ID Kit for Hepatitis C diagnosis and support projects to enhance the gross margin for this assay.
The money will also fund the company's assay development programmes in antibiotic-induced hearing loss (AIHL) and tuberculosis (mTB) and the continued development of the Genedrive system.
