Shareholder Update

EDX Medical Group PLC

08 January 2024

 

This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation No 596/2014 which is part of English law by virtue of the European (Withdrawal) Act 2018, as amended.  On publication of this announcement via a regulatory information service, this information is considered to be in the public domain.

Shareholder Update

8 January 2024

EDX Medical Group, plc ("EDX Medical", the "Company" or the "Group"), which develops innovative digital diagnostic products and services for the personalised treatment for cancer, heart disease and infectious diseases, today announces that Jason Holt, chairman of the Company, has written to shareholders with an update on the Company's activities.

Company update:

Dear Shareholder,

I am writing to you today to wish you a very happy and prosperous New Year and update you on progress of EDX Medical Group plc.

I am delighted to report that the Company is performing very strongly and we are looking forward with considerable confidence to continued growth during the year ahead.

The Company celebrated its first anniversary as a public company listed on the Aquis Growth Market in late November and this proved to be an important milestone. During 2023, we acquired Torax Biosciences Ltd and Hutano Diagnostics Ltd in addition to entering significant commercial agreements with Guardant Health Inc and Thermo Fisher bringing us into revenue generating operations in Q4,2023 and accelerating our development pipeline.

The agreement with Thermo Fisher Scientific, a world leader in life sciences solutions and services, announced in November, is now underway, focusing on the development of innovative cancer diagnostic tests.  Further announcements concerning these developments are planned in the near future. We take great pride in securing a partnership with a multi-billion-dollar world leader such as Thermo Fisher which will harness the benefits of its renowned technologies and our Company's scientific and innovation capabilities over a series of diagnostic projects.

The Company is also now implementing the distribution agreement for Guardant Health Inc's blood-based liquid biopsy tests in certain market sectors in the U.K. and will shortly be expanding into the Nordic countries where EDX has exclusivity. These tests are already being used by doctors to help get fast, accurate and reliable diagnostic information on the health status of their patients.

Our laboratory facilities in Cambridge, Oxford and Ireland are now well integrated and are progressing development of both laboratory and 'point of care' diagnostic tests which have very exciting global potential.

These elements of our business strategy are bearing fruit and currently we are actively pursuing nine different projects which form healthy pipelines for point of care and laboratory testing solutions that can be commercialised at global scale.

These activities have resulted, notably in the last few weeks, in a rallying share price and further endorsement of the Company's vision in the last few days, with our CEO, Dr Mike Hudson, and Senior Independent Director, Professor Trevor Jones, purchasing 639,074 shares between them.

It is only right to acknowledge that one consequence of our reverse takeover of TECC Capital plc in November 2022 and admission to the Aquis market is that trading in small volumes of the Company shares by legacy shareholders impaired our share price for periods and therefore did not, in the Board's view, adequately reflect the true value of the Company.

We remain grateful to investors who, at an early stage, embraced the EDX Medical vision created and brought to life by our founder, Professor Sir Chris Evans.  And we have been extremely heartened and encouraged that strategic investors have invested at a premium over the last year and have indicated they are keen to invest further at significant volume.

The Board firmly believes that the investment in building the foundations for accelerating growth is now substantially able to be completed within short timescales. There is much to look forward to in 2024 as we continue to build the Company. We greatly value the continuing support of all our shareholders and as always, if you wish to discuss the Company's outlook, please do not hesitate to contact me.

Your sincerely,

Jason Holt

Chairman

The directors of the Company accept responsibility for the contents of this announcement.

Contacts:

EDX Medical plc
Dr Mike Hudson (Chief Executive Officer)	[phone]
Oberon Capital
Nick Lovering (Corporate Adviser) Adam Pollock (Corporate Broking) Mike Seabrook (Corporate Broking)	[phone]
Media House International
Ramsay Smith Gary McQueen	[phone] [e-mail] + 44 (0)7834 694609 [e-mail]

About EDX Medical Group plc

EDX Medical Group plc ("EDX Medical") develops innovative digital diagnostic products and services, enabling cost effective and timely delivery of personalised treatment for cancer, heart disease and infectious diseases. The company is listed on the AQSE Growth Market (TIDM: EDX).

EDX Medical was founded by Professor Sir Chris Evans, OBE, a very successful medical and life sciences entrepreneur with more than 35 years of experience building innovative life sciences companies.

By translating clinical insights into pragmatic solutions combining advanced biological and digital technologies, EDX Medical seeks to cost-effectively improve the detection and characterisation of disease in order to select personal treatment in a timely fashion.

Early disease detection and biologically-based personal treatment is considered to be the most impactful way of reducing deaths and lowering the cost of healthcare globally.

EDX Medical has established expertise in the design, development, validation and sourcing of diagnostic testing solutions to ISO 13485 and key laboratory tests performed by the Company have been accredited to ISO 15189 by the United Kingdom Accreditation Service (UKAS).

EDX Medical Group operates a molecular diagnostics and genomics laboratory in Cambridge, UK, a Point of Care test development group in Oxford (Hutano Diagnostics Ltd) and Torax Biosciences Ltd in Ireland.

Learn more: www.edxmedical.co.uk

 

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