Genontec S.A. announced the launch of a public offering of shares by its principal shareholder, 5HT Family Foundation, through an accelerated bookbuilding process (ABB). The proceeds from the offering will then be reinvested in the company’s balance sheet, as they will be fully reinvested in newly issued shares – 2 million new series R shares and up to 204,000 series S shares. The relevant consents were granted by the company’s shareholders at the Extraordinary General Meeting on April 13th.
“We intend to use the funds raised from the new share issue primarily to support the M&A process and further implement key development projects, in particular testing the diagnostic parameters of the 3-plex variant of the Genomtec ID platform in the context of potential M&A transactions, as well as continuing projects that have already received grant funding. In this regard, we plan to design and manufacture prototypes of reaction cards and the OncoSNAAT® analyzer for research purposes, as well as support a project utilizing AI solutions to develop primer sets for molecular diagnostics. We hope that these activities will allow us to successfully complete the M&A process and deliver unique value to our shareholders.”– says Miron Tokarski, President of the Management Board and co-founder of Genomtec SA.
As part of the transaction, on March 17th of this year, the Company entered into an investment agreement with a significant shareholder, 5HT Family Foundation, under which the Shareholder agreed to conduct a public offering of up to 2 million existing shares, including those borrowed from Genomtec’s CEO, Miron Tokarski, and Genomtec’s co-founder, Małgorzata Małodobrej-Mazur. All proceeds will be used to acquire newly issued Series R shares. Genomtec will thus obtain funds from the sale of Series R shares, which will be used to support the commercialization of projects as part of the M&A process conducted by Genomtec.
The company’s flagship project is the Genomtec ID® mobile diagnostic system, which consists of an analyzer and a reaction card with integrated genetic tests. The Genomtec ID® platform is based on the proprietary SNAAT® solution and stands out from the competition for its mobility, speed, and ability to simultaneously diagnose multiple pathogens at the point of care. The OncoSNAAT® project, in turn, is a technology for detecting genetic changes occurring in cancer, which is crucial in personalized medicine, for example, when selecting targeted oncology treatments.
