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Genedrive targeting its three assays on the market and revenue generating in 2-3 years

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.

Quick facts: Genedrive PLC

Price: 104.5 GBX

AIM:GDR
Market: AIM
Market Cap: £52.51 m
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