January 04, 2024: RiverFort is pleased to announce that Genedrive plc (AIM: GDR) has scheduled a £600,000 drawdown under the terms of our £5,000,000 Equity Prepayment Facility, which was previously announced by the Company on 31 March 2023.
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.
About Genedrive plc (http://www.genedriveplc.com): 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 is currently developing a genetic test for CYP2C19 metaboliser status.