Oversubscribed Placing raising £16.15 million for Yourgene Health plc
Yourgene Health plc is pleased to confirm, further to the announcements made yesterday and earlier today, that the Company has raised gross proceeds of £16.15 million through a Placing of 95,000,000 new ordinary shares with certain existing and new institutional and other investors at the Placing Price of 17 pence per Placing Share.
The Placing was oversubscribed against the Company’s original funding objective, resulting in net proceeds of approximately £15.0 million being raised for the Company.
The proceeds of the Placing will be used to fund the initial cash consideration for the Acquisition of Coastal Genomics (which was also announced yesterday), and for general corporate and working capital purposes.
Singer Capital Markets acted as sole bookrunner in connection with the Placing.
Lyn Rees, Chief Executive Officer of Yourgene Health plc, commented:
“We are overwhelmed by the level of support we have seen from our existing and also new shareholders and I would like to extend my thanks to them all for enabling the acquisition of Coastal Genomics and facilitating further growth within the Company. As an early adopter of this technology, which is now a crucial differentiator in our NIPT offering, we have got to know the team in Coastal Genomics and respect their capability and potential.
This is a fantastic opportunity for Yourgene to expand our IP portfolio, grow our core technology and expand our geographical footprint and I am very optimistic about the prospect for the enlarged group to continue our growth journey with a stronger armour of IP and technology. The additional funds will be used to accelerate our R&D pipeline, expand our COVID-19 capacity, strengthen our commercial team in key regions and facilitate future M&A activity.”
About Yourgene Health plc
Yourgene is an international molecular diagnostics group which develops and commercialises genetic products and services. The group works in partnership with global leaders in DNA technology to advance diagnostic science.
Yourgene develops and commercialises simple and accurate molecular diagnostic solutions, for reproductive health and molecular genetics. The Group’s products include non-invasive prenatal tests (NIPT) for Down’s Syndrome and other genetic disorders, Cystic Fibrosis screening tests, invasive rapid aneuploidy tests, male infertility tests and genetic disease tests. Yourgene’s commercial footprint is already established in the UK, Europe, the Middle East, Africa and Asia.
Market Cap: £113.9 million*
Website: Click here
*As at 05/08/2020