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EDX EDX Medical Group Plc

10.00
0.00 (0.00%)
28 Mar 2024 - Closed
Realtime Data
Share Name Share Symbol Market Type Share ISIN Share Description
EDX Medical Group Plc AQSE:EDX Aquis Stock Exchange Ordinary Share GB00BNDMJS47
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 10.00 9.50 10.50 10.00 10.00 10.00 0.00 06:57:51
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

EDX Medical Group Plc Acquisition of Torax Biosciences

17/02/2023 7:00am

UK Regulatory


 
TIDMEDX 
 
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 and such persons shall therefore cease to 
be in possession of inside information. 
 
                           LONDON: February 17, 2023 
 
                             EDX Medical Group Plc 
 
     EDX Medical Group Plc announces acquisition of Torax Biosciences Ltd. 
 
EDX Medical Group plc ("EDX Medical" or the "Company"), which develops 
innovative digital diagnostic products and services for cancer, heart disease, 
neurology and infectious disease testing, today announces that it has acquired 
the entire issued share capital of Torax Biosciences Ltd. ("Torax"), (the 
"Acquisition") (together, the "Enlarged Group") by the issue of 1,666,667 new 
Ordinary Shares in the capital of the Company at a deemed price of £0.06 per 
share. 
 
Torax is a research company providing product development and pilot scale 
fabrication of immunochemistry-based assays and diagnostic testing solutions. 
 
Torax is now a wholly-owned subsidiary of EDX Medical and will provide an 
experienced point-of-care diagnostics technical team with proven skills in 
innovation and new product development. Torax will also provide additional 
laboratory capacity in Northern Ireland in support of EDX Medical's established 
laboratories in Cambridge. 
 
The Torax laboratory operates under ISO 9001 and ISO-13485 accredited quality 
systems for IVD product design, development, manufacture and commercialisation. 
Torax's expertise and facilities complement the EDX Medical laboratory PCR and 
genomic sequencing tests which are provided under ISO 15189. The quality 
systems of the combined group will provide assurance for both point-of-care and 
laboratory test solutions delivered by EDX Medical Group Plc. 
 
Torax was founded by and is led by Dr Lawrence McGrath, who joins EDX Medical 
as a Senior Development Scientist and will continue to lead Torax where he will 
be joined by Dr Mike Hudson, EDX CEO as co-director of Torax as an EDX Medical 
subsidiary. 
 
Dr McGrath is a recognised expert in the field of diagnostic and 
immune-chemistry, graduating with an MSc and PhD in Biochemistry from The 
Queen's University of Belfast.  Dr McGrath established Torax following a career 
as a biomedical scientist in Belfast City Hospital, Head of the Medical 
Technology Institute in Oman and as Senior Research Officer in the School of 
Medicine at The Queen's University of Belfast. He has published extensively in 
the fields of oxidative stress and vascular chemistry, Alzheimer's Disease and 
immunochemistry. Dr McGrath served in the Royal Army Medical Reserves Services 
retiring as Lt Col. during which time he was deployed to Kosovo as a field 
Biomedical Scientist and to Iraq with the Medical Support Regiment. 
 
Professor Sir Chris Evans, Founder of EDX Medical, said: "We are delighted to 
announce this strategic acquisition of Torax which will add further strength 
and depth to EDX Medical's innovation and product development capabilities. 
This enables us to provide an even wider range of testing solutions and data 
analysis. The Torax knowledge and capabilities in immunochemistry will 
accelerate our development of robust and innovative tests for cancer and other 
significant diseases." 
 
Dr Mike Hudson, chief executive officer of EDX Medical, said: "We are extremely 
pleased to welcome Dr McGrath and his team to our group. They are a highly 
experienced development team with an excellent reputation and I am sure they 
will play a key role in the development of the EDX Medical business." 
 
 Dr Lawrence McGrath, CEO of Torax, said: "We have a great deal in terms of 
product design and innovation and we are now able to move our company to a new 
level as part of the EDX Medical group. This is an important step for us and we 
look forward to contributing further to this exciting clinical sector." 
 
Admission and total voting rights 
 
Application will be made for the admission of the 1,666,667 new Ordinary 
Shares, to trading on the AQSE Growth Market ("Admission"), which is expected 
to become effective and trading commence at 8.00 a.m. on or around 21 February 
2023. The new Ordinary Shares will rank pari passu with the existing Ordinary 
Shares. 
 
The Company's enlarged issued share capital following Admission will comprise 
250,833,333 Ordinary Shares each with voting rights. The Company does not hold 
any shares in treasury. This figure of 250,833,333 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 in 
their interest in, the share capital of the Company under the FCA's Disclosure 
Guidance and Transparency Rules. 
 
The directors of the Company accept responsibility for the contents of this 
announcement. 
 
For more information, please contact: 
 
EDX Medical PLC 
 
Mike Hudson 
 
Tel: 07812345301 
 
Peterhouse: 
 
Guy Miller 
 
Tel: 020 7220 9795 
 
Media House International, 
 
Ramsay Smith 
 
Tel:  +44 (0) 7788 414856: 
 
email: ramsay@mediahouse.co.uk 
 
Notes for Editors: 
 
About EDX Medical Group 
 
EDX Medical develops and delivers innovative digital diagnostic products and 
services for cancer, heart disease, neurology and infectious disease testing, 
helping to predict disease risk, inform clinical decision-making and accelerate 
the development of new medicines. The company is listed on the Access Segment 
of the AQSE Growth Market (TIDM: EDX). 
 
EDX Medical 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. 
 
By translating clinical insights into pragmatic solutions combining advanced 
biological and digital technologies, EDX Medical seeks to cost-effectively 
improve the detection of disease risk and personalise disease management in a 
timely fashion. 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 testing solutions. Key tests performed in this laboratory have been 
audited by the United Kingdom Accreditation Service (UKAS) and accredited to 
ISO 15189. 
 
www.edxmedical.co.uk 
 
https://www.toraxbiosciences.co.uk/ 
 
 
 
END 
 
 

(END) Dow Jones Newswires

February 17, 2023 02:00 ET (07:00 GMT)

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