TIDMEDX
RNS Number : 8660Y
EDX Medical Group PLC
08 January 2024
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.
Shareholder Update
8 January 2024
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 that Jason Holt, chairman
of the Company, has written to shareholders with an update on the
Company's activities.
Company update:
Dear Shareholder,
I am writing to you today to wish you a very happy and
prosperous New Year and update you on progress of EDX Medical Group
plc.
I am delighted to report that the Company is performing very
strongly and we are looking forward with considerable confidence to
continued growth during the year ahead.
The Company celebrated its first anniversary as a public company
listed on the Aquis Growth Market in late November and this proved
to be an important milestone. During 2023, we acquired Torax
Biosciences Ltd and Hutano Diagnostics Ltd in addition to entering
significant commercial agreements with Guardant Health Inc and
Thermo Fisher bringing us into revenue generating operations in
Q4,2023 and accelerating our development pipeline.
The agreement with Thermo Fisher Scientific, a world leader in
life sciences solutions and services, announced in November, is now
underway, focusing on the development of innovative cancer
diagnostic tests. Further announcements concerning these
developments are planned in the near future. We take great pride in
securing a partnership with a multi-billion-dollar world leader
such as Thermo Fisher which will harness the benefits of its
renowned technologies and our Company's scientific and innovation
capabilities over a series of diagnostic projects.
The Company is also now implementing the distribution agreement
for Guardant Health Inc's blood-based liquid biopsy tests in
certain market sectors in the U.K. and will shortly be expanding
into the Nordic countries where EDX has exclusivity. These tests
are already being used by doctors to help get fast, accurate and
reliable diagnostic information on the health status of their
patients.
Our laboratory facilities in Cambridge, Oxford and Ireland are
now well integrated and are progressing development of both
laboratory and 'point of care' diagnostic tests which have very
exciting global potential.
These elements of our business strategy are bearing fruit and
currently we are actively pursuing nine different projects which
form healthy pipelines for point of care and laboratory testing
solutions that can be commercialised at global scale.
These activities have resulted, notably in the last few weeks,
in a rallying share price and further endorsement of the Company's
vision in the last few days, with our CEO, Dr Mike Hudson, and
Senior Independent Director, Professor Trevor Jones, purchasing
639,074 shares between them.
It is only right to acknowledge that one consequence of our
reverse takeover of TECC Capital plc in November 2022 and admission
to the Aquis market is that trading in small volumes of the Company
shares by legacy shareholders impaired our share price for periods
and therefore did not, in the Board's view, adequately reflect the
true value of the Company.
We remain grateful to investors who, at an early stage, embraced
the EDX Medical vision created and brought to life by our founder,
Professor Sir Chris Evans. And we have been extremely heartened and
encouraged that strategic investors have invested at a premium over
the last year and have indicated they are keen to invest further at
significant volume.
The Board firmly believes that the investment in building the
foundations for accelerating growth is now substantially able to be
completed within short timescales. There is much to look forward to
in 2024 as we continue to build the Company. We greatly value the
continuing support of all our shareholders and as always, if you
wish to discuss the Company's outlook, please do not hesitate to
contact me.
Your sincerely,
Jason Holt
Chairman
The directors of the Company 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
About EDX Medical Group plc
EDX Medical Group plc ("EDX Medical") 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 Chris Evans, OBE, a
very successful medical and life sciences entrepreneur with more
than 35 years of experience building innovative life sciences
companies.
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 select personal treatment
in a timely fashion.
Early disease detection and biologically-based personal
treatment is considered to be the most impactful way of reducing
deaths and lowering the cost of healthcare globally.
EDX Medical has established expertise in the design,
development, validation and sourcing of diagnostic testing
solutions to ISO 13485 and key laboratory tests performed by the
Company have been accredited to ISO 15189 by the United Kingdom
Accreditation Service (UKAS).
EDX Medical Group operates a molecular diagnostics and genomics
laboratory in Cambridge, UK, a Point of Care test development group
in Oxford (Hutano Diagnostics Ltd) and Torax Biosciences Ltd in
Ireland.
Learn more: www.edxmedical.co.uk
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