EDX Medical Group plc (AQSE:EDX), which develops innovative digital diagnostic products and services supporting personalised treatments for cancer, cardiovascular and infectious diseases, has announced that the Company has secured funding totalling up to £4 million, through a combination of:
· The issue of 14,285,713 new ordinary shares of 1p each in the Company at a price of 14p per share to raise £2.0 million; and
· The issue of a new convertible loan note (CLN) agreement for up to £2.0 million to Professor Sir Chris Evans, the Company’s founder and Chief Scientific Officer.
The funding will support the acceleration of commercial activity and the development of new products and services for sale, including marketing of an advanced, highly accurate testicular cancer testing service, announced by the Company on October 7, 2025.
New and existing institutional and high net worth investors have subscribed to the Fundraising. Oberon Capital has acted as sole broker to the Fundraising.
The Company has entered an unsecured CLN agreement for up to £2 million with the Company’s founder, Professor Sir Chris Evans (the “CLN”). Sir Chris has continually supported the Company since its incorporation through equity participation at, or above, the share price of third-party fund raises. Following the issue of the Placing Shares, Sir Chris will own 136,016,939 Ordinary shares, representing 35.18% of the issued share capital and does not intend his shareholding to exceed 37.5% for the foreseeable future.
Application has been made for the Subscription Shares to be admitted to trading on the AQSE Growth Market (“Admission”) and the Subscription remains conditional on Admission. It is expected that Admission will take place on October 23, 2025.
Professor Sir Chris Evans, OBE, founder of EDX Medical, commented: “We are delighted that new and existing investors in the Company continue to demonstrate their support for a business dedicated to providing world class diagnostic products and services. I am also proud to continue to offer financial support to the Company’s development, because I am constantly encouraged by the quality of our products, both those entering the market or those in our pipeline. Furthermore, I believe that my own support and the recent investment by three other directors of the Company demonstrates to investors that the leadership of EDX Medical is fully committed to backing this business.
“This investment will enable us to accelerate our development and production of our pipeline of exciting products. We are very pleased by the level of interest from investors who are willing to support the business at a level we all believe is a more accurate reflection of the real value of the Company.”
Henrik Kraft, angel investor and former partner at KKR and Apax Partners, invested in the Fundraising. He commented: “I am delighted to be backing EDX Medical and Sir Chris as they have developed some highly impressive new diagnostic products in a relatively short period of time. Their work on novel prostate cancer testing is particularly exciting. The forthcoming year looks to be a very exciting time for the business.”
Dr Mike Hudson, Chief Executive Officer of EDX Medical, commented: “Sir Chris and loyal investors have shown another declaration of support for our strategy of developing and providing class-leading diagnostic solutions that will help health professionals achieve better outcomes for patients.”
Terms of the CLN
The CLN will attract a coupon of 5% per annum and can be drawn down by the Company in tranches of £400,000 in support of the Company’s working capital or growth. The agreement has a duration of 48 months and, in the event of conversion, equity in the Company will be issued to Sir Chris at a price equal to the higher of i) 14p per share; or ii) a price per EDX Medical Share equal to the price paid for shares issued for subscription in a minimum amount of £1 million within the term of the CLN.
Related Party Transactions
Professor Sir Chris Evans is considered a “Related Party” as defined under the AQSE Growth Market Apex Rulebook, as a result of being a director of EDX Medical Group plc. The issue of the CLN therefore constitutes a related party transaction for the purposes of Rule 4.6 of the AQSE Growth Market Access Rulebook.
The directors of EDX Medical other than Professor Sir Chris Evans confirm that, having exercised reasonable care, skill and diligence, the terms of the CLN are fair and reasonable insofar as the shareholders of EDX Medical are concerned.
Total Voting Rights
In accordance with the Financial Conduct Authority’s Disclosure and Transparency Rules, the Company hereby announces that following the issue of the Placing Shares, it will have 386,594,584 Ordinary Shares in issue, each share carrying the right to one vote. This total figure includes 250,000 Ordinary Shares issued previously this year.
The above figure of 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.
