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23 April 2019

Molecular diagnostics group buys counterpart after placing success

Portfolio News from The North West Fund for Venture Capital.

A Manchester-headquartered international molecular diagnostics group has raised almost £12m, more than half of which will be used to acquire a counterpart also based in the city.

Yourgene Health has secured the £11.8m through a placing of 110,540,841 new ordinary shares of 0.1 pence each and the subscription by certain Yourgene directors for 4,878,048 ordinary shares at the issue price of 10.25 pence.

The placing was "significantly oversubscribed" with strong demand received from existing and new shareholders.

The proceeds will be used to fund the £6.3m cash consideration payable on completion of its acquisition of Delta Diagnostics (UK), which also produces and develops molecular diagnostics. The company's current product portfolio is complementary to Yourgene's existing non-invasive prenatal testing services, therefore broadening its offering.

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