EDX Medical Group plc (AQSE:EDX), which develops innovative digital diagnostic products and services supporting personalised treatments for cancer, cardiovascular and infectious diseases, has announced that the board of the Company has approved the issue of 21, 428,571 new ordinary shares of 1p each in the Company at a price of 14p per share to raise £3,000,000 for the Company.
The net proceeds of the Fundraising will support the acceleration of regulatory preparation and scaling up of production of a new prostate cancer ‘super test’, announced by the Company on February 17,2025.
New and existing institutional and retail investors have subscribed to the Fundraising. Oberon Capital has acted as sole broker to the Fundraising.
The funding round has been led by Professor Sir Chris Evans, OBE, founder of EDX Medical, who has subscribed for 5,285,714 of the Subscription Shares for £740,000. Sir Chris now owns 135,965,714 ordinary shares, representing 36.60% of the issued share capital.
Dr Mike Hudson, chief executive of EDX Medical, and Martin Walton, board director and Deputy Chair of the Company, each subscribed for 60,714 of the Subscription Shares at the Subscription Price. Dr Hudson now owns 20,506,602 ordinary shares, representing 5.52% of the issued share capital. Mr Walton now owns 145,714 ordinary shares, representing 0.04% of the issued share capital.
Application has been made for the Subscription Shares to be admitted to trading on the AQSE Growth Market and the Subscription remains conditional on Admission. It is expected that Admission will take place on 26 March 2025.
Professor Sir Chris Evans, OBE, founder of EDX Medical, commented: “We are delighted that new and existing investors in the Company have demonstrated their commitment and belief in our plans to make available the most advanced prostate cancer test and other high quality diagnostic products.
“This support will enable us to accelerate and scale up our development and production of our prostate test and other exciting products in our pipeline. We have been thrilled by the level of interest from several new investors as well as the continuing support from existing investors and I am delighted that we achieved our goal of raising £3 million so rapidly.”
Dr Mike Hudson, Chief Executive Officer of EDX Medical, commented: “This investment is another declaration of support in our strategy of developing and providing class-leading diagnostic solutions that will help health professionals achieve better outcomes for patients.”
Related Party Transactions
Professor Sir Chris Evans, Dr Mike Hudson and Martin Walton are considered “Related Parties”, as defined under the AQSE Growth Market Apex Rulebook, as a result of being directors of the Company. Their participation in the Fundraising therefore constitutes a related party transaction for the purposes of Rule 4.6 of the AQSE Growth Market Access Rulebook.
The directors of EDX Medical other than Professor Sir Chris Evans, Dr Hudson and Mr Walton confirm that, having exercised reasonable care, skill and diligence, their participation in the Fundraising is fair and reasonable insofar as the shareholders of EDX Medical are concerned.
Total Voting Rights
In accordance with the Financial Conduct Authority’s Disclosure and Transparency Rules, the Company hereby announces that following the Fundraising, it will have 371,513,419 Ordinary Shares in issue, each share carrying the right to one vote.
The above figure of 371,513,419 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.
