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genedrive raises £1mln in oversubscribed broker option to placing

The broker option forms part of the fundraising announced last week to support the rapid development of the company's coronavirus tests

Genedrive PLC - genedrive raises £1mln in oversubscribed broker option

genedrive PLC (LON:GDR) said it has now closed the “oversubscribed” broker option to its recent placing which saw the issue of 1.25mln shares, raising £1mln before expenses.

The diagnostics specialist said directors including its chief executive David Budd, chairman Ian Gilham and chief financial officer Matthew Fowler had agreed to subscribe for a total of 50,000 broker option shares for a combined value of £40,000.

READ: genedrive hepatitis-C diagnostic joins list of WHO pre-qualified devices; launches £8mln fund-raising

genedrive also said that due to the placing being oversubscribed, allocations of broker option shares had been scaled back, therefore being an existing investor will not guarantee a full pro-rata entitlement or any allocation of broker option shares.

The broker option was initially announced last week alongside a share placing through which the company raised £7mln by issuing 8.75mln new ordinary shares.

The company said the proceeds of the placing and the broker option will support the rapid development of its coronavirus tests, as well as funding scale-up of inventory for an initial period, product development and commercialisation as well as general working capital.

"We value our private investor shareholder base and I am pleased that we have been able to structure the fundraising in a way that enabled their participation. On behalf of the board I would like to thank all of our shareholders for their continued support", David Budd said in a statement.

The shares were 5.7% lower at 165p in mid-morning trading on Tuesday.

--Adds share price--

Quick facts: Genedrive PLC

Price: 105.75 GBX

AIM:GDR
Market: AIM
Market Cap: £54.98 m
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