Investment and Placing of New Shares

EDX Medical Group PLC

06 February 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.

EDX Medical Group plc

Investment and Placing of New Shares

EDX Medical Group plc · EDX

6 February 2024

EDX Medical Group plc ("EDX Medical" or the "Company"), which develops innovative digital diagnostic products and services supporting personalised treatments for cancer, heart disease and infectious diseases, announces that the Board of the Company has today approved the issue of 33,425,000 new ordinary shares of 1p each in the Company ("Ordinary Shares") at a price of 12p per share (the "Subscription", "Subscription Shares") to raise £4.01million for the Company. The issue of the new ordinary shares is the initial element of a fundraising round to support the acceleration of the development of new diagnostic products to help meet global demand from healthcare providers delivering personalIsed treatments.

The funding round has been led by Professor Sir Chris Evans, OBE, founder of EDX Medical, who has invested £750,000 as a result of subscribing for 6,250,000 of the Subscription Shares at the Subscription Price.

Several existing and new investors including Steve Morgan, CBE, (Bridgemere Securities Ltd), Sir Tony Gallagher (Countywide Developments Ltd), Sir Tom Hunter (West Coast Capital Holdings Ltd), Sir Peter Michael (Stockford Ltd), Lord Lloyd Webber (Lynchwood Nominees), Lord John Nash (LGT Wealth Management), Bill Holroyd (The Holroyd Investment Trust) and David Rees (Seerave Enterprises Ltd) have also subscribed.

The Company intends to raise further capital in this round and is in discussions with other shareholders and potential new investors about participation in the Subscription, and consequently, the Subscription will remain open to new and existing shareholders, at the Subscription Price, until February 19th.

Application will be made for the Subscription Shares to be admitted to trading on the AQSE Growth Market ("Admission") and the Subscription remains conditional on Admission.

Professor Sir Chris Evans, OBE, founder of EDX Medical, commented: "I am exceptionally pleased to be able to lead this investment round in the company and am gratified by the outstanding support from existing key shareholders, who are all highly experienced investors. We are particularly encouraged by the fact that investors who bought shares when the price was much lower are investing again at the new Subscription Price.  We are very confident of building on the commitments to date and appreciate investor confidence in backing the continued expansion of our digital diagnostics portfolio."

Dr Mike Hudson, Chief Executive Officer of EDX Medical, commented:

"This new investment will allow us to expand and accelerate our growing programme of innovative clinical diagnostic products and technologies, enabling our clients and partners to gain greater access to the benefits of personalised medicine for their patients".

Related Party Transaction

Professor Sir Chris Evans is considered a "Related Party", as defined under the AQSE Growth Market Access Rulebook, as a result of being a director of the Company. His participation in the Subscription therefore constitutes a related party transaction for the purposes of Rule 4.6 of the AQSE Growth Market Access Rulebook.

The directors of EDX Medical other than Professor Sir Chris Evans confirm that, having exercised reasonable care, skill and diligence, his participation in the Subscription is fair and reasonable insofar as the shareholders of EDX Medical are concerned.

Total Voting Rights

In accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the Company hereby announces that following the Subscription, it has 334,390,909 Ordinary Shares in issue, each share carrying the right to one vote.

The above figure of 334,390,909 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

The directors of EDX Medical accept responsibility for the contents of this announcement.

Contacts:

EDX Medical Group Plc	[phone]
Dr Mike Hudson (CEO)	[e-mail]
Oberon Capital	020 3179 5300
Nick Lovering (Corporate Adviser) Adam Pollock, Mike Seabrook (Corporate Broking)
Media House International	0207 710 0020
Ramsay Smith (Executive Director) Gary McQueen (Associate Director)	[e-mail] [phone] [e-mail] + 44 (0) 7834 694609

Notes for Editors:

About EDX Medical Group www.edxmedical.com                                

EDX Medical Group Plc 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 Access Segment of the AQSE Growth Market (TIDM: EDX).

EDX Medical was founded by Professor Sir Christopher Evans, OBE, a medical and life sciences entrepreneur with more than 30 years of experience, together with CEO, Dr Mike Hudson.

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

EDX Medical Group operates a molecular biology and diagnostics laboratory in Cambridge, UK, and 100%-owned subsidiaries "Hutano Diagnostics Ltd", based in Oxford and "Torax Biosciences Ltd" in Ireland which together are pioneering the development of novel point of care tests.  

EDX Medical conducts test development and product validation to ISO 13485 and provides testing and genomic sequencing services accredited to ISO 15189 by the United Kingdom Accreditation Service (UKAS).

 

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