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GENinCode float on AIM

July 2021


GENinCode is a UK-incorporated company engaged in the risk assessment, prediction and prevention of cardiovascular disease (“CVD”), the leading cause of death worldwide accounting for approximately 18 million deaths annually.

The Company’s products and technology have been developed since 2008 and clinically tested on over 80,000 patients with the aim of predicting the onset of CVD and providing a personalised treatment pathway for patient management. The Company was incorporated in September 2018 following the acquisition of the assets and know-how of the Ferrer inCode and Gendiag.exe businesses, including the Company’s current product portfolio, Cardio inCode®, LiPID inCode®, SuDD inCode® and Thrombo inCode®, then a part of Grupo Ferrer Internacional S.A., a large Spanish multinational private pharma and healthcare company. Since 2007, these products have collectively had approximately €50 million invested in the research and development of these products. The Company has begun to commercialise these products in certain European countries and is also targeting the US. The Company’s products are CE-Marked in Europe and the Company submitted an application to the US FDA for Breakthrough Device designation for its core Cardio inCode product in February 2021.


Admission to Trading on AIM

On 22nd July 2021, admission and dealings commenced by way of a Placing of 31,818,184 Ordinary Shares and Subscription for 6,818,182 Ordinary Shares at 44 pence per share.


Reasons for Admission and use of proceeds

The Directors believe that Admission will be an important step in the Company’s development and will assist it in achieving its stated objectives by raising capital principally to:

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

The Directors believe that Admission will also:

  • 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; and
  • Provide an increased ability to attract, retain and incentivise high calibre employees, including by way of equity-linked schemes

The Placing will raise approximately £17.0 million (before expenses) which is currently intended to be used, primarily, to complete the planned US launch of Cardio inCode and commercialisation.

The Perivan shareholder communications team were delighted to work with Stifel Nicolaus Europe who were appointed as Nominated Adviser, Sole Global Coordinator and Joint Bookrunner on the successful publication of the 125-page admission document.

For further information click here.

Perivan specialise in producing and publishing financial documents relating to shareholder and investor communications for quoted companies, private companies, and open and closed-ended funds.

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