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Genedrive PLC on Monday affirmed that an equity fundraise was the ‘only certain financing option available’ and that it did not receive any expressions of M&A interest. The Manchester-based point-of-care pharmacogenetic testing company explained it had sought ‘other financing solutions from a wide range of potential providers’. However, none of these provided a ‘more favourable’ funding solution. Genedrive said it made the announcement on Monday in response to ‘comments and speculation on online bulletin boards’. ‘The company did engage with some specialist venture debt providers, but no term sheets were received from such groups given the position of the company. The company also had discussions with a small number of its larger shareholders in the days prior to the announcement of the equity financing and no alternative proposals were received as a result of those discussions,’ Genedrive said. Genedrive last month said it raised £3.2 million in a placing at 0.20 pence per share. Genedrive shares closed flat at 0.24p each in London on Monday. The company added on Monday that David Nugent, who owns a 10% stake, requested a board seat before the equity fundraise, and then ‘again more recently’. ‘The board’s position was clearly communicated to David Nugent at that time and subsequently that it would be prepared to offer a board seat conditional on him providing material additional funding to the company as part of the equity financing or any other alternative funding proposal that he might choose to present to the board. David Nugent was wall-crossed prior to the equity financing being announced yet declined to participate and has not provided any alternative financing solutions for the company to consider,’ Genedrive added. ‘David Nugent has also requested further information from the company, some of which the board provided in good faith accompanied with an appropriate confidentiality agreement, which, so far, has not been signed but is a prerequisite for the company to provide the additional information.’ Genedrive added that ‘it did not receive any expressions of interest from potential acquirers’. The firm said the placing extends its cash runway through to the end of 2025. However, should the fundraise not be completed, ‘the company’s cash runway will be very limited’. A general meeting to approve the raise takes place on October 15. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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