Epistem Holdings Announce £2.8 Million Cash Placing
Epistem has announced that it has agreed to raise approximately £2.8 million before expenses through a placing for cash of 793,398 new ordinary shares of 1.5 pence each with a range of existing and new institutional investors.
The new ordinary shares, which represent 10.0 per cent of Epistem's issued share capital prior to the placing, have been conditionally placed at a price of 350 pence per share on Thursday 24th November and Friday 25th November.
This placing price represents a 3.4% discount to the closing middle market price on 24 November 2011.
The Company will use the net proceeds of the placing which are expected to be some £2.7 million to accelerate the development and commercialization of its Genedrive™ molecular diagnostic device.
Epistem has developed Genedrive™, a handheld 'Point of Care' device for molecular diagnostics, across a broad range of infectious disease as well as for use as a companion diagnostic for pharmacogenomics, bio-defense and forensics applications.
Genedrive™ is expected to provide a significant technological advance and new cost effective approach to the rapid diagnosis of bacterial, viral, fungal and gene mutations.
Epistem continues to build on its scientific and technical strengths as it transforms into a diverse, technology-leading biotechnology and personalized medicine group.
Application will be made to the London Stock Exchange for the new ordinary shares to be admitted to trading on AIM.
Admission in respect of 71,490 new ordinary shares is expected to be effective on 1 December 2011 and in respect of the remaining new ordinary shares on 2 December 2011.
When issued, the new ordinary shares will rank pari passu in all respects with the Company's existing ordinary shares.
Following completion of the placing, Epistem will have 8,727,381 ordinary shares of 1.5 pence each in issue.