Corporate News

Admission to trading on AIM & First Day of Dealings

22 July 2021

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This announcement and the information contained herein is not an offer to sell or a solicitation of an offer to buy the securities in the United States. The securities mentioned herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States (as such term is defined in Regulation S under the Securities Act) unless they are registered under the Securities Act or pursuant to an exemption from registration. No public offer of the Securities is being made in the United States.

 

GENinCode plc (AIM: GENI), the cardiovascular disease (“CVD”) company focused on predictive genetics for the prevention of cardiovascular disease, announces that admission to trading on AIM ("Admission") will take place and dealings will commence at 8.00 a.m. today under the ticker GENI and ISIN GB00BL97B504.

The Company’s Admission Document is available here:

The Company will host a live presentation via the Investor Meet Company platform at 10am today. To register to attend, please use this link: https://www.investormeetcompany.com/genincode-plc/register-investor

Summary and Highlights

  • Successful Fundraising for gross proceeds of £17 million before expenses
  • Placing price per GENinCode Share of 44 pence
  • Market capitalisation of approximately £42.2 million on Admission
  • 38,636,366 New Ordinary Shares made up of:

    -          31,818,184 Placing Shares and;

    -          6,818,182 Subscription Shares

  • The 38,636,366 New Ordinary Shares represent 40.32 per cent. of the Enlarged Share Capital
  • 95,816,866 Ordinary Shares in issue on Admission
  • Stifel Nicolaus Europe Limited acted as Sole Global Coordinator and Joint Bookrunner in relation to the Placing, with Cenkos Securities plc also acting as Joint Bookrunner. Stifel Nicolaus Europe will be the Company’s Nominated Adviser and Joint Corporate Broker from Admission.  Cenkos Securities will be the Company’s Joint Corporate Broker.

Reasons for Admission and Use of Proceeds

The Directors believe that Admission will:

  • Enhance GENinCode’s profile and product awareness amongst current and prospective customers, partners, suppliers and academic institutions
  • Provide the potential to access capital to fund future growth plans as and when the Board deems suitable
  • Provide a platform for any future acquisitions of companies, products and/or intellectual property
  • Provide an increased ability to attract, retain and incentivise high calibre employees, including by way of equity-linked schemes

 The net proceeds from the Fundraise, receivable by the Company, is expected to be approximately £15.4 million and will be used to assist the Company in achieving its stated objectives, principally to: 

  • Focus on the US regulatory, reimbursement and commercialisation programme;
  • Expand the reach of the Company’s business in the EU;
  • Fund the UK expansion programme and working capital; and
  • Fund corporate costs with a runway to early-2023.

Company background

The Company was incorporated in September 2018 to acquire the assets, intellectual property and know-how of the Ferrer inCode and Gendiag.exe businesses, which were then part of Grupo Ferrer Internacional S.A., a large Spanish multinational private pharmaceutical and healthcare company. The technology and products acquired included Cardio inCode®, Lipid inCode®, Thrombo inCode® and Sudd inCode®. The Directors believe that approximately €50 million has been invested in the research and development of these products since 2007. The Company has begun to commercialise these products in certain European countries and is also targeting the UK and US.

The Company’s product portfolio draws on genomic precision testing using polygenic (multiple-genes) technology, advanced molecular testing, genotyping and sequencing. Through a simple blood or saliva sample, the Company can analyse a patient’s medical information and genetic variants associated with CVD to determine a Genetic Risk Score which is used for the subsequent assessment of a patient’s cardiovascular disease risk. The Company also provides risk assessment for thrombosis (genetic predisposition to blood clotting). The Company’s SITAB system, a proprietary software, bioinformatics and algorithmic platform with online cloud-based reporting, is used to process and record test results and genetic information using algorithms and artificial intelligence to assess a patient’s risk of a cardiovascular event. SITAB reports results directly via a web portal to healthcare practitioners, cardiologists and physicians, in a user-friendly format.

The current standard of care for primary prevention and assessment of the risk of CVD has been in use and largely unchanged for many years. It is based on risk assessment equations which evaluate ‘classic’ or ‘traditional’ cardiovascular risk factors such as age, gender, smoking, blood cholesterol levels and blood pressure among other factors for the onset of CVD. The equations enable physicians to categorise patients as being at low, moderate or high risk of a CVD event, usually over the subsequent 10-year period or sometimes using a ‘lifetime’ horizon from which the patient is then assessed for lifestyle changes or treatment.

It is recognised that these ‘classic’ or ‘traditional’ risk assessments are imperfect with events not infrequently occurring in those individuals categorised at ‘low’ or ‘intermediate’ risk. The advent of genetic risk assessment for CVD is now able to help identify and reclassify those individuals traditionally categorised in the ‘low’ or ‘intermediate’ risk populations who are at higher genetic risk of a CVD event than their current standard of care risk assessment suggests. This enables earlier in life preventative measures to be adopted to lower the future risk of a CVD event.

With CVD mortality levels continuing to rise globally, there is an increasing need for cardiologists to apply genetics to help advance patient prognosis and diagnosis to treat the onset of CVD. The Company’s products combine predictive models of genetics and patient data using classic cardiovascular risk factors (CVRFs) and are designed to improve predictive capability and genetic risk assessment to provide a personalised and thereby tailored treatment pathway. Recent studies and scientific reports show the correlation between genetic load/burden and the onset of CVD. The Directors believe that GENinCode’s technology is at the forefront of genetic risk assessment in the CVD space.

The Company’s key products are CE-Marked with the core products Cardio inCode® and Thrombo inCode® having IP protection in the major growth markets of Europe, the UK and the United States. The Company has now commenced its commercial expansion programme in Europe, the UK and the United States.

On 28 April 2021, the Company announced a partnership to provide genetic testing from labs based at Royal Brompton and Harefield Hospitals. Following this, it was announced on 14 June 2021 that a product commercialisation agreement had been entered into with EVERSANA in the US. The Directors believe that the partnership with EVERSANA, a leading provider of global commercial services to the life science industry, will provide a significant opportunity for the Group to progress its commercialisation plans for the US.

The Company’s commercialisation strategy in the US is a significant part of GENinCode’s long-term growth and commercial strategy. The Directors expect Cardio inCode to be reviewed by the FDA as a De Novo device. The Company submitted an initial application to the FDA in February 2021 for Breakthrough Device designation for its Cardio inCode product. The FDA review is ongoing with a decision expected in Q3 2021.

The Directors believe GENinCode technology provides patients and physicians with a more comprehensive and accurate risk assessment of CVD than the current standard of care, enabling more tailored preventative care treatment strategies to be employed. The Company’s molecular tests combine clinical algorithms and artificial intelligence to provide advanced patient risk assessment to predict the onset of CVD. The Directors believe that the Company’s products benefit from over 10 years’ of investment in the research and development of cardiovascular health genomics and a knowledge and understanding of the interactions between a patient’s genetic profile, lifestyle and clinical risk factors 

The Company’s core product portfolio is underpinned by clinical studies on over 75,000 patients. The product portfolio consists of:

  • Cardio inCode®: focused on assessing the coronary genetic risk and cardiovascular risk stratification;
  • Lipid inCode®: focused on the diagnosis and management of hypercholesterolemia;
  • Thrombo inCode®: focused on the diagnosis and management of genetic thrombophilia and thrombosis risk;
  • Sudd inCode®: focused on the diagnosis of the cause of sudden cardiac death and familial heart disease.

The Directors expect Cardio inCode®, Lipid inCode® and Thrombo inCode® (all CE-Marked) to be the primary products of commercialisation focus over the immediate term.

Matthew Walls, CEO of GENinCode commented:We are delighted with the level of interest and strong support generated from new institutional investors ahead of our admission to trading on AIM. The additional funds raised will allow us to further exploit the significant market opportunity to deliver clinically-proven genomic precision testing products for the CVD market to improve the current standard of care and enhance the assessment of the risk of the onset of CVD in what is globally the leading cause of death.

“Our products and technology have been developed with the aim of providing a personalised treatment pathway for patient management predicting the onset of CVD with clinical evidence on over 75,000 patients to date. CVD accounts for over 17.9 million deaths annually, representing approximately 31 per cent. of all deaths worldwide with the global cost of CVD estimated to reach approximately $1.04 trillion by 2030.”

 

For further information please contact:

GENinCode plc www.genincode.com
Matthew Walls, CEO Via Walbrook PR
Paul Foulger, CFO  
   
Stifel Nicolaus Europe Limited (Nomad and Joint Broker) Tel: +44 (0)20 7710 7600
Alex Price / Ben Maddison / Richard Short  
   
Cenkos Securities Plc (Joint Broker) Tel: +44 (0)20 7397 8900
Giles Balleny  
Dale Bellis / Michael Johnson (Sales)        
   
Walbrook PR Limited Tel: 020 7933 8780 or [email protected]
Anna Dunphy / Paul McManus / Louis Ashe-Jepson Tel: +44 (0)7876 741 001 /
+44 (0)7980 541 893 / 44 (0)7813 867 655
         

 

About GENinCode plc

GENinCode plc (AIM: GENI) is engaged in the risk assessment, prediction and prevention of cardiovascular disease (“CVD”). CVD is the leading cause of death worldwide accounting for approximately 18 million deaths annually. The Company’s products and technology have been developed with the aim of predicting the onset of CVD and providing a personalised treatment pathway for patient management. Its products have been the subject of clinical studies on over 75,000 patients to assess and predict the onset of CVD.

The Company was incorporated in September 2018 to acquire the assets, intellectual property and know-how of the Ferrer inCode and Gendiag.exe businesses, which were then part of Grupo Ferrer Internacional S.A., a large Spanish multinational private pharmaceutical and healthcare company. The technology and products acquired included Cardio inCode®, Lipid inCode®, Thrombo inCode® and Sudd inCode®. The Directors believe that approximately €50 million has been invested in the research and development of these products since 2007. The Company has begun to commercialise these products in certain European countries and is also targeting the UK and US.

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GENinCode UK Limited
Oxford Science Park
John Eccles House
Robert Robinson Avenue
Oxford - UK
OX4 4GP
(+44) 186 5955 847
GENinCode S.L.U.
Rambla Egara, 235, ES- 08224
Terrassa-Barcelona
Spain
(+34) 936 690 321