March 31, 2023: RiverFort is pleased to announce that it has arranged an Equity Prepayment Facility for up to £5 million (the "Facility") with Genedrive plc (LSE: GDR) (“Genedrive” or the “Company”), the point of care molecular diagnostics company, with an initial drawn amount of £2 million and committed capital advances of up to £3 million in 10 monthly instalments of £300,000 from 30 May 2023 which may be drawn down by the Company at its election.
The Facility and the Company's existing cash resources will be directed towards the commercialisation of the Company's Antibiotic Induced Hearing Loss test, Genedrive® MT-RNR1 ID Kit ("AIHL test") and enhancing the Genedrive® platform through the validation and verification of the Company's CYP2C19 test, Genedrive® CYP2C19 ID Kit ("CYP2C19 test") as well as providing additional working capital.
Genedrive plc is a molecular diagnostics company developing and commercialising a low cost, rapid, versatile, simple to use and robust point of need molecular diagnostics platform for the diagnosis of infectious diseases and for use in patient stratification (genotyping), pathogen detection and other indications. The company are currently developing a genetic test for CYP2C19 metaboliser status.
The Genedrive®MT-RNR1 ID Kit, selected as 1 of the 10 EVA pilot projects, is the world's first commercial point-of-care genetic test for emergency care. It helps to avoid irreversible lifelong hearing loss in specific infants exposed to aminoglycosides by rapidly detecting the m.1555A>G gene variant that can cause lifelong deafness, allowing for alternative antibiotics to be prescribed.
David Budd, CEO of Genedrive commented: “The Directors have assessed a number of financing options for the Company including an equity raise but believe that the Facility is the best option available to the Company at the present time in order to further fund the Company's progress while also taking consideration of the investor shareholder base. Further, the Directors believe that a combination of the possibility of positive future news flow around the Company's two main assays as well as the potential for reasonable levels of liquidity in the Company's ordinary shares make the Facility the most attractive form of financing for the Company at the current time.