EDX Medical Group Plc - Admission to AQSE and First Day of Dealings PR Newswire

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.

14 November 2022

 EDX Medical Group Plc

(Formerly TECC Capital Plc)

("the Company")

Admission to trading on AQSE and First Day of Dealings

Highlights

  • Acquisition of EDX Medical Limited for £12m completed
  • Placing of new shares at 6 pence per share completed raising £1.2m
  • New Board appointed
  • Change of name to EDX Medical Group Plc completed

Further to its announcement on 26 October 2022, the Company, now renamed EDX Medical Group Plc (“EDX Medical”), has today completed its acquisition of EDX Medical Limited. The Company  (TIDM: EDX), which develops digital diagnostic products and services for use in testing for cancer, heart disease, neurology and infectious diseases, is pleased to announce that 250,833,333 ordinary shares of 1 pence each (“Ordinary Shares”) are today being admitted to trading on the Access Segment of the AQSE Growth Market ("Admission").

In connection with Admission, the Company has raised £1.2 million through a placing of 20,000,000 Ordinary Shares at a price of 6 per share.

In addition, the appointment of the new Board, comprising Jason Holt as Chairman, Dr Michael Hudson as Chief Executive, Professor Sir Christopher Evans, OBE, as Chief Scientific Officer and Professor Trevor Jones as a Non-executive Director has taken effect and the former Directors, Sandy Barblett, John Taylor and Donald Stewart have stepped down from the Board with effect from Admission.

Further details of each of members of the new Board are set out in the Company’s announcement of 26 October 2022 and can be found in the Company’s Admission Document which was published on the same day.

EDX Medical Ltd was founded by Professor Sir Christopher Evans, OBE, a medical and life sciences entrepreneur with more than 30 years of experience in the sector, specialising in cancer treatments and diagnostics.

Jason Holt, Chairman, stated: “We are proud to be bringing EDX Medical to the AQSE Growth Market today as an important part of our strategy to develop a substantial digital healthcare business. Initially, we are focusing on cancer testing and are building on the expertise and experience of our founder and leadership team particularly in relation to the utilisation of advanced molecular and genomic testing to improve the detection and treatment of cancer.”

Dr Mike Hudson, Chief Executive Officer, stated: “We are driving biomedical and digital innovation in cancer testing at a time when the need for greater access to risk assessment, diagnosis and personalised treatment of cancer has never been greater. A key focus of our work is the expansion of advanced tests for cancers affecting women.”

“Admission to the public market, underscores our confidence in the opportunity to deliver the substantial benefits of digital diagnostics over coming years, fuelling our growth through organic developments, acquisitions and strategic partnerships.”.

Information on EDX Medical

EDX Medical develops and validates digitally-enabled diagnostic products and services to help predict disease risk, inform clinical decision-making and accelerate the development of new medicines in the areas of cancer, heart disease, neurology and infectious diseases.

By translating clinical insights into pragmatic solutions combining advanced biological and digital technologies, EDX Medical seeks to improve the detection of disease risk and personalise disease management, cost-effectively and in a timely fashion. The Directors believe that early disease detection and risk prediction is the most impactful way of reducing deaths and lowering the future costs of healthcare provision globally.

EDX Medical operates a molecular biology and diagnostics laboratory in Cambridge, UK, from which it performs research & development (R&D), provides testing and genomic sequencing services, undertakes quality assurance and has established expertise in the design, development, validation and sourcing of diagnostic tests at commercial scale. Key tests performed in this laboratory have been audited by the United Kingdom Accreditation Service (UKAS) and accredited to ISO 15189. 

Further information on the Company can be found at: https://www.edxmedical.co.uk

Total Voting Rights

For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules, the Company has 250,833,333 Ordinary Shares in issue. This figure of 250,833,333 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 Guidance and Transparency Rules.

The Directors of the Company accept responsibility for the contents of this announcement.

Enquiries:

Company
Dr Michael Hudson, CEO
+44 (0)207 710 0020
AQSE Growth Market Corporate Advisor
Peterhouse Capital Limited
Guy Miller/Mark Anwyl
+44 (0)20 220 9795
Public Relations on behalf of the Company
Ramsay Smith, Media House International Limited
+44 (0)207 710 0020
+44 (0) 7788 414856
ramsay@mediahouse.co.uk