EDX Medical Group Plc Acquisition of Torax Biosciences
17 Febbraio 2023 - 8:00AM
UK Regulatory
TIDMEDX
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
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be in possession of inside information.
LONDON: February 17, 2023
EDX Medical Group Plc
EDX Medical Group Plc announces acquisition of Torax Biosciences Ltd.
EDX Medical Group plc ("EDX Medical" or the "Company"), which develops
innovative digital diagnostic products and services for cancer, heart disease,
neurology and infectious disease testing, today announces that it has acquired
the entire issued share capital of Torax Biosciences Ltd. ("Torax"), (the
"Acquisition") (together, the "Enlarged Group") by the issue of 1,666,667 new
Ordinary Shares in the capital of the Company at a deemed price of £0.06 per
share.
Torax is a research company providing product development and pilot scale
fabrication of immunochemistry-based assays and diagnostic testing solutions.
Torax is now a wholly-owned subsidiary of EDX Medical and will provide an
experienced point-of-care diagnostics technical team with proven skills in
innovation and new product development. Torax will also provide additional
laboratory capacity in Northern Ireland in support of EDX Medical's established
laboratories in Cambridge.
The Torax laboratory operates under ISO 9001 and ISO-13485 accredited quality
systems for IVD product design, development, manufacture and commercialisation.
Torax's expertise and facilities complement the EDX Medical laboratory PCR and
genomic sequencing tests which are provided under ISO 15189. The quality
systems of the combined group will provide assurance for both point-of-care and
laboratory test solutions delivered by EDX Medical Group Plc.
Torax was founded by and is led by Dr Lawrence McGrath, who joins EDX Medical
as a Senior Development Scientist and will continue to lead Torax where he will
be joined by Dr Mike Hudson, EDX CEO as co-director of Torax as an EDX Medical
subsidiary.
Dr McGrath is a recognised expert in the field of diagnostic and
immune-chemistry, graduating with an MSc and PhD in Biochemistry from The
Queen's University of Belfast. Dr McGrath established Torax following a career
as a biomedical scientist in Belfast City Hospital, Head of the Medical
Technology Institute in Oman and as Senior Research Officer in the School of
Medicine at The Queen's University of Belfast. He has published extensively in
the fields of oxidative stress and vascular chemistry, Alzheimer's Disease and
immunochemistry. Dr McGrath served in the Royal Army Medical Reserves Services
retiring as Lt Col. during which time he was deployed to Kosovo as a field
Biomedical Scientist and to Iraq with the Medical Support Regiment.
Professor Sir Chris Evans, Founder of EDX Medical, said: "We are delighted to
announce this strategic acquisition of Torax which will add further strength
and depth to EDX Medical's innovation and product development capabilities.
This enables us to provide an even wider range of testing solutions and data
analysis. The Torax knowledge and capabilities in immunochemistry will
accelerate our development of robust and innovative tests for cancer and other
significant diseases."
Dr Mike Hudson, chief executive officer of EDX Medical, said: "We are extremely
pleased to welcome Dr McGrath and his team to our group. They are a highly
experienced development team with an excellent reputation and I am sure they
will play a key role in the development of the EDX Medical business."
Dr Lawrence McGrath, CEO of Torax, said: "We have a great deal in terms of
product design and innovation and we are now able to move our company to a new
level as part of the EDX Medical group. This is an important step for us and we
look forward to contributing further to this exciting clinical sector."
Admission and total voting rights
Application will be made for the admission of the 1,666,667 new Ordinary
Shares, to trading on the AQSE Growth Market ("Admission"), which is expected
to become effective and trading commence at 8.00 a.m. on or around 21 February
2023. The new Ordinary Shares will rank pari passu with the existing Ordinary
Shares.
The Company's enlarged issued share capital following Admission will comprise
250,833,333 Ordinary Shares each with voting rights. The Company does not hold
any shares in treasury. This figure of 250,833,333 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 in
their interest in, the share capital of the Company under the FCA's Disclosure
Guidance and Transparency Rules.
The directors of the Company accept responsibility for the contents of this
announcement.
For more information, please contact:
EDX Medical PLC
Mike Hudson
Tel: 07812345301
Peterhouse:
Guy Miller
Tel: 020 7220 9795
Media House International,
Ramsay Smith
Tel: +44 (0) 7788 414856:
email: ramsay@mediahouse.co.uk
Notes for Editors:
About EDX Medical Group
EDX Medical develops and delivers innovative digital diagnostic products and
services for cancer, heart disease, neurology and infectious disease testing,
helping to predict disease risk, inform clinical decision-making and accelerate
the development of new medicines. 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 in the sector,
specialising in cancer treatments and diagnostics.
By translating clinical insights into pragmatic solutions combining advanced
biological and digital technologies, EDX Medical seeks to cost-effectively
improve the detection of disease risk and personalise disease management in a
timely fashion. Early disease detection and risk prediction is the most
impactful way of reducing deaths and lowering the future costs of healthcare
provision globally.
EDX Medical operates a molecular biology and diagnostics laboratory in
Cambridge, UK, from which it performs research & development (R&D), provides
testing and genomic sequencing services, undertakes quality assurance and has
established expertise in the design, development, validation and sourcing of
diagnostic testing solutions. Key tests performed in this laboratory have been
audited by the United Kingdom Accreditation Service (UKAS) and accredited to
ISO 15189.
www.edxmedical.co.uk
https://www.toraxbiosciences.co.uk/
END
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