GENinCode plans AIM float after successful placing

Predictive genetics outfit GENinCode will float on AIM following a successful placing of shares to fund its international expansion.

The company, whose technology is designed to prevent cardiovascular disease said that it raised £17.0m via a placing at 44.0p per share, for net proceeds of £15.4m.

Mathew Walls, Chief Executive Officer of GENinCode, said: "We would like to thank all our participating shareholders and our new institutional investors for providing us with the support to take GENinCode to the next stage of its development through our admission to AIM."

The company added that the funds would be used to focus on its regulatory, reimbursement and commercialisation programme in the US, as well as to expand in the European Union and to finance expansion in the UK.

They would also fund corporate costs with a 'runway' to early 2023.

GENinCode's polygenic technology was capable of determining a person's risk of suffering cardiovascular disease by analysing the patient's information and genetic variants using simple blood or saliva samples.

Patients' predisposition to blood clotting could also be discerned through the same technique.

The company was set up in 2018 for the purchase of the assets, intellectual property and know-how of the Ferrer inCode and Gendiag.ese businesses belonging to Spanish drugmaker Grupo Ferrer Intenacional S.A..

Since 2007, roughly €50.0m had been invested in those assets and the company was now beginning to sell those products in the UK and US as well as certain European countries.

Investment bank Stifel Nicolaus acted as nominated adviser for the placing and Cenkos Securities as joint bookrunner.

Admission to trading on AIM was expected to take place on 22 July.