Genedrive plc (GB:GDR) has released an update.
Genedrive plc, the UK-based pharmacogenetic testing company, has announced the publication of a Circular regarding a General Meeting on May 31, 2024, following the successful completion of a Placing. The company is offering an Open Offer to shareholders to raise approximately £2.1 million by allowing them to subscribe to new shares at a set price, with a minimum fundraising target of £6.0 million required for the offer to proceed. Without the full amount, Genedrive warns of a limited cash runway and the need for further financing, which could result in greater shareholder dilution.
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