TIDMEKF
RNS Number : 7775D
EKF Diagnostics Holdings PLC
07 March 2022
EKF Diagnostics Holdings plc
("EKF", the "Company" or the "Group")
Further Investment in Verici Dx plc
EKF Diagnostics Holdings plc (AIM: EKF), the AIM-listed global
diagnostics business , notes the announcements released by Verici
Dx plc ("Verici Dx", AIM: VRCI) on 4 March 2022 relating to the
successful Placing for Verici Dx, a developer of advanced clinical
diagnostics for organ transplant. As part of the Placing EKF
invested in 7,142,857 Placing Shares for a consideration of GBP2.5
million .
Commenting on the investment Mike Salter, Chief Executive
Officer of EKF, said:
"We are delighted to be able to support Verici Dx, which is
developing a leading-edge kidney transplant testing platform aimed
at providing clinicians with personalised patient and organ
response risk profiles. Verici Dx addresses a very important market
need and the additional funds raised will accelerate the progress
Verici Dx has already made to date towards commercial launch of its
two lead products, as well as the development of its third
product.
"As well as investing for growth in our expanded core business
at EKF, both organically and through targeted acquisitions, our
stated strategy is to generate value through selected investments
in innovative commercial opportunities, as we have done though our
agreement with Mount Sinai Innovation Partners ("MSIP"). This
additional investment adds to our existing shareholding in Verici
Dx and we will seek to deliver value to EKF shareholders by
distributing the resultant holding to them in due course."
The following information, extracted from Verici Dx's Launch of
Fundraise announcement, is reiterated in the interest of clarity
for EKF shareholders:
EKF intends that any new ordinary shares received as a result of
its participation in the Fundraise will be distributed to its own
underlying shareholders along with EKF's existing shareholding in
the Company as soon as reasonably practicable and subject to
appropriate arrangements to maintain an orderly market in Verici's
shares following such distribution.
EKF will make further announcements regarding the distribution
at the appropriate time.
EKF Shareholders may also wish to note the relevant Verici Dx
plc announcements which can be viewed via the following links:
Proposed Fundraise (RNS 6654D, 07:10, 4 March 2022)
https://www.londonstockexchange.com/news-article/VRCI/proposed-fundraise/15353841
Result of Fundraise (RNS 7473D, 16:13, 4 March 2022)
https://www.londonstockexchange.com/news-article/VRCI/result-of-fundraise/15355048
Notes:
(1) https://www.ekfdiagnostics.com/iqs/dbitemid.344/sfa.view/2019-1.html
EKF Diagnostics Holdings plc www.ekfdiagnostics.com
Christopher Mills, Non-Executive Chairman Tel: +44 (0)29 2071 0570
Mike Salter, CEO
Marc Davies, CFO
Singer Capital Markets (Nominated Adviser & Tel: +44 ( 0)20 7496 3000
Joint Broker)
Aubrey Powell / George Tzimas / Tom
Salvesen
Investec Bank plc (Joint Broker) Tel: +44 (0)20 7597 4000
Gary Clarence / Daniel Adams / Ben
Farrow
Walbrook PR Limited Tel: +44 (0)20 7933 8780 or ekf@walbrookpr.com
Paul McManus / Lianne Applegarth Mob: +44 (0)7980 541 893 / +44 (0)7584 391
303
About EKF Diagnostics Holdings plc ( www.ekfdiagnostics.com
)
EKF is a leading point-of-care diagnostics and central
laboratory assay manufacturer with an estimated 80,000 hemoglobin,
hematocrit, HbA1c, glucose and lactate analysers in regular use
across more than 100 countries. EKF specialises in developing tests
for use in anemia and diabetes diagnosis and management, as well as
providing a portfolio of reagents for use in clinical chemistry
analysers.
EKF specialises in the development, production and worldwide
distribution of point-of-care analyzers and clinical chemistry
reagents for use in hospital and research laboratories, doctor's
offices, blood banks and for in-field anaemia screening programmes.
EKF is also a bulk manufacturer of enzymes and has custom
manufacturing facilities across sites in the US, UK and Europe for
a variety of life science products. Driven by customer demand EKF
has invested significantly in increasing the Company's fermentation
capacity. The Company's capabilities and capacity in contract
manufacturing for sample collection, tests and test kits have seen
dramatic growth following strong demand for during the COVID-19
pandemic, and these income streams are now being diversified for
application to other non-COVID areas of diagnostic testing,
molecular disease and forensic test manufacture.
In May 2021, EKF outlined its strategy through to 2024 for
delivering additional growth. As well as the growth expected in
Contract Manufacturing across Life Sciences, molecular diagnostics
and other applications, the Company expects to leverage existing
distribution channels for organic growth, both in the core business
and from additional products to expand the core range, but also
through executing earnings enhancing acquisitions and delivering
further value creating investments associated with the preferred
partnership agreement with Mount Sinai Innovation Partners.
In October 2021, EKF completed the acquisition of Advanced
Diagnostic Laboratory LLC, a Texas based testing laboratory
certified under the Clinical Laboratory Improvement Amendments
("CLIA") for high complexity testing. The laboratory provides
testing for a variety of clinical, forensic and microbiological
sample types using a range of analytical techniques. This
acquisition positions EKF as a leading 'one stop' provider of
diagnostic products and services from sample collection to
results.
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