TIDMEDX
RNS Number : 8584N
EDX Medical Group PLC
27 September 2023
This announcement contains inside information as stipulated
under the UK version of the Market Abuse Regulation No 596/2014
which is part of English law by virtue of the European (Withdrawal)
Act 2018, as amended. On publication of this announcement via a
regulatory information service, this information is considered to
be in the public domain.
Group Expansion/Acquisition of Hutano Diagnostics Limited
EDX Medical to develop breakthrough range of digital
point-of-care tests for multiple diseases
EDX Medical Group Plc -- EDX
27 September 2023
EDX Medical Group PLC ("EDX Medical", the "Company") or the
"Group"), which develops innovative digital diagnostic products and
services for the personalised treatment for cancer, heart disease
and infectious diseases, today announces the expansion of the Group
through the acquisition of the entire issued share capital of
Hutano Diagnostics Limited ("Hutano").
The initial consideration will be met by the issue of 9,090,909
new ordinary shares of 1p each in the Company at a price of 11p per
share ("Initial Consideration Shares"). Up to 1,818,182 additional
consideration shares will be issued to the vendors on achievement
of certain commercial milestones.
The acquisition will enable EDX Medical Group to accelerate and
expand its point-of-care testing capabilities with a range of
innovative tests capable of accurately measuring a combination of
multiple disease markers on a single device within minutes. The
new, miniaturised tests are expected to enable the identification
of up to 10 disease markers simultaneously.
These innovative new 'point of care' tests will be used to
identify early signs of cancer, infections, and cardio-vascular
conditions and can be carried out by health professionals at the
point-of-care, wherever they work, without delays and the costs
associated with laboratory processing. Multiple assays can be
combined on a single smartphone-readable device supporting
real-time clinical decision-making and leading to better outcomes
for patients.
The tests represent a major improvement over lateral flow test
technology with multiple disease markers readable faster and at
lower cost than laboratory assays. The new test device will contain
an array of ultra-sensitive nano-scale 'mini-tests', each mini-test
replacing a traditional lateral flow or laboratory test. Accuracy,
speed and security is further enhanced by the ability to read and
interpret the results using smartphone camera technology, setting
new standards for 'point-of-care' clinical testing.
Initial products have focused on the detection, characterisation
and quantification of infectious diseases such as fever, sepsis and
the differentiation of bacterial vs viral infections.
The range of tests that will be produced by the Group will
combine Hutano technology with EDX Medical smart-phone reader
expertise and reagents and test formats designed by Torax
Biosciences Limited, which was acquired by the Group earlier in the
year.
Professor Sir Chris Evans, OBE, founder of EDX Medical, said:
"We are tremendously excited by the prospect of making the most
advanced point-of-care tests available for the benefit of patients
everywhere. This is a great joint endeavour by scientists at Oxford
and Cambridge. Hutano has the ambition and technology to develop
truly unique tests which, when combined with EDX chemistry and
smartphone expertise, will generate game-changing new digital
diagnostic products."
Dr Mike Hudson, chief executive of EDX Medical , commented: "The
combined expertise and resources of the group puts us in a unique
position to fast-track the introduction of a number of clinically
important products and establish a new 'standard' in point-of-care
testing worldwide."
Hutano Diagnostics Ltd Founder and CEO, Atherton Mutombwera,
said: "Joining forces with EDX Medical Group PLC opens up a world
of possibilities. It gives us access to the resources, expertise,
and global reach necessary to usher in the age of digital
point-of-care diagnostics. Together, we will be able to bring our
innovations to a much broader audience and drive positive change in
the healthcare landscape."
Hutano will continue to operate from its laboratory in Oxford,
where it has an established team of highly experienced scientists
and collaborators at the University of Oxford. The company was
founded in 2018 by Atherton Mutombwera and joined by Professor
William James of Oxford University and others to disrupt the
lateral flow test marketplace through innovative technology.
EDX Medical will integrate its efforts with Hutano and Torax
Biosciences Ltd, to establish a point-of-care innovation team, led
by Atherton Mutombwera, reporting to Group CEO, Dr Mike Hudson.
Admission of the Initial Consideration Shares and Total Voting
Rights
Application has been made for the Initial Consideration Shares
to be admitted in the Aquis Stock Exchange ("Admission") and it is
expected that Admission will take place on 2 October 2023.
The Initial Consideration Shares will rank pari passu in all
respects with the existing ordinary share capital of the
Company.
In accordance with the Financial Conduct Authority's Disclosure
and Transparency Rules, the Company hereby announces that following
the Subscription, it has 300,965,909 Ordinary Shares in issue, each
share carrying the right to one vote.
The above figure of 300,965,909 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.
Contacts:
EDX Medical PLC
Dr Mike Hudson (Chief Executive Officer) +44 (0)7812 345 301
Oberon Capital
Nick Lovering (Corporate Adviser)
Adam Pollock (Corporate Broking)
Mike Seabrook (Corporate Broking) +44 (0)20 3179 5300
Media House International
Ramsay Smith +44 (0)7788 414856
ramsay@mediahouse.co.uk
Gary McQueen + 44 (0)7834 694609
gary@mediahouse.co.uk
Notes for Editors:
Point-of-Care Testing encompasses a range of technologies, which
are amenable to use outside of a testing laboratory. They are
typically lower cost and provide a fast, reliable result although
traditionally less detailed than a laboratory test.
Advances in technology and materials, of which Hutano and EDX
Medical are pioneers, are creating opportunities to deliver high
performance point of care tests aligned with the demand for
cost-effective rapid clinical testing.
About EDX Medical Group PLC ( www.edxmedical.co.uk)
EDX Medical Group plc develops innovative digital diagnostic
products and services, enabling cost effective and timely delivery
of personalised treatment for cancer, heart disease, and infectious
diseases. The company is listed on the AQSE Growth Market (TIDM:
EDX).
EDX Medical was founded by Professor Sir Christopher Evans, OBE,
a medical and life sciences entrepreneur with more than 30 years of
experience, together with CEO, Dr Mike Hudson.
By translating clinical insights into pragmatic solutions
combining advanced biological and digital technologies, EDX Medical
seeks to cost-effectively improve the detection and
characterisation of disease in order to personalise treatment in a
timely fashion. Early disease detection and biologically-based
personal treatment optimisation is considered to be the most
impactful way of reducing deaths and lowering the cost of
healthcare globally.
EDX Medical Group operates a molecular biology and diagnostics
laboratory in Cambridge, UK, and a 100%-owned subsidiary "Torax
Biosciences Ltd" ( www.toraxbiosciences.co.uk ) in Ireland.
EDX Medical, provides testing and genomic sequencing services,
undertakes quality assurance, conducts research & development
(R&D) and has established expertise in the design, development,
validation and sourcing of diagnostic testing solutions to ISO
13485. Key laboratory tests performed by the Company have been
accredited to ISO 15189 by the United Kingdom Accreditation Service
(UKAS).
About Hutano
Hutano Diagnostics Ltd is developing an innovative,
quantitative, multiplex Point of Care Testing Platform. The
Platform enables multiple biomarker detection and quantification on
the same device. Hutano's intellectual property covers a range of
target recognition elements including antibodies and novel
synthetic elements enabling both improved performance and
quantification. A robust pipeline of new products has been
established with a focus on providing clinically useful data in
real time.
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