EDX EDX Medical Group Plc

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

28 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 12,966,667 new ordinary shares of 1p each in the Company ("Ordinary Shares") at a price of 12p per share (the "Subscription", "Subscription Shares") to raise £1.56 million for the Company.  Subscribers include both institutional and retail investors.

The Subscription completes a fund-raising round that has raised £5.7million, in aggregate, at 12p per share, following the Company's announcement on 4 February of a placing of shares to raise £4.01 million. Funds raised through these two issues will be used to support the acceleration of the development of products to help meet global demand from healthcare providers delivering personalIsed treatments.

Application has been made for the Subscription Shares to be admitted to trading on the AQSE Growth Market ("Admission") and the Subscription remains conditional on Admission.  Admission is expected to take place on 4 March 2024.

Professor Sir Chris Evans, OBE, founder of EDX Medical, commented: "I am delighted by the tremendous support from institutions which have subscribed to this share issue, as well as the commitment previously from existing key shareholders.  These investors see the Company as being at the forefront of diagnostic innovation at a time of increasing global demand. This round of fund-raising exceeded our expectations in terms of capital raised and the Company is well equipped to press on with development of our product portfolio."

Dr Mike Hudson, Chief Executive Officer of EDX Medical, commented: "The demand for innovative personalised treatments grows by the day and this new investment will enable the Company to accelerate our programme of clinical diagnostic products and technologies for the benefit of patients."

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 347, 357, 576 Ordinary Shares in issue, each share carrying the right to one vote.

The above figure of 347, 357, 576 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.

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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).