Equity Fundraise

genedrive plc (AIM: GDR), the point-of-care pharmacogenetic testing company announces that it has conditionally raised gross proceeds of £1.0 million by means of a subscription (the "Subscription") for 66,666,666 new ordinary shares of 1.5 pence each in the capital of the Company ("Ordinary Shares") by the market making arm of Peel Hunt LLP (the "Subscription Shares") at a price of 1.5 pence per new Ordinary Share (the "Issue Price").

The Issue Price represents a discount of approximately 17.8% to the closing mid-market price for genedrive shares on 26 March 2025.

Use of proceeds

The net proceeds from the Subscription will provide genedrive with additional working capital as it actively pursues a broad range of growing commercial opportunities in the UK and internationally at the present time, including both commercial sales and potential non-dilutive grant income. CE-IVD certification for genedrive's CYP2C19 test, which is on track for April 2025, will also enable in-country registration and subsequently sales of the test to commence outside of the UK and genedrive is particularly encouraged by opportunities presented in the Middle East region, where it has focused significant efforts and expenditure to understand market access and reimbursement routes as well as identification of primary target hospitals, opinion leaders and healthcare organisations and will update further in due course as opportunities are converted as appropriate. The Subscription provides the Company with an extended cash runway to seek to close a number of the commercial and other opportunities in front of it and further drive shareholder value. The Board will continue to assess longer term financing options in the meantime.

RetailBook Offer

The Company has separately engaged RetailBook to undertake a RetailBook Offer of the RetailBook Shares at the Issue Price to existing retail investors through the RetailBook platform alongside the Subscription. The RetailBook Offer is for up to 16,666,666 new Ordinary Shares (the "RetailBook Shares"), raising gross proceeds of up to approximately £250,000 at the Issue Price. The RetailBook Offer is not being underwritten. A separate announcement will be made shortly by the Company regarding the RetailBook Offer and its terms and conditions.

Related Party Transaction

Peel Hunt LLP is a related party of the Company pursuant to the AIM Rules so its participation in the Subscription (including the commission payable) is a related party transaction for the purposes of AIM Rule 13. The Directors consider, having consulted with the Company's nominated adviser, Peel Hunt LLP, whose Nominated Adviser function is independent of its market making arm, confirms that the terms of the participation in the Subscription by Peel Hunt LLP (including the commission payable) are fair and reasonable insofar as Shareholders are concerned.

Peel Hunt LLP is charging an industry standard commission on the value of the Subscription Shares.

Interim results

genedrive has today issued its unaudited interim results for the period ended 31 December 2024.

Admission

The Company has applied for the Subscription Shares and the maximum number of RetailBook Shares that may be subscribed for to be admitted to trading on AIM ("Admission") by 8.00 a.m. on or around 3 April 2025.

The Subscription Shares and RetailBook Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares of the Company including the right to receive all dividends or other distributions made, paid or declared in respect of such shares after Admission.