Yourgene Health PLC Agreement of new debt facility (8829Y)
19 January 2022 - 6:00PM
UK Regulatory
TIDMYGEN
RNS Number : 8829Y
Yourgene Health PLC
19 January 2022
Yourgene Health plc
("Yourgene" or the "Company")
Agreement of new debt facility
Silicon Valley Bank facility to provide non-dilutive funding for
accretive growth opportunities
Manchester, UK - 19 January 2022: Yourgene (AIM: YGEN), a
leading international molecular diagnostics group, announces the
Company has entered into a new three-year GBP5m term loan facility
(the "Facility") with Silicon Valley Bank ("SVB"). The Facility
will provide access to non-dilutive funding to enable the Group to
capitalise on future accretive growth opportunities including
potential licensing and M&A activity, allowing for faster deal
execution and lower transaction costs.
The Facility is repayable over three years with an interest-only
period until April 2022 after which interest is payable at a
commercially competitive rate. Covenants are based on a target
trailing quarterly revenue basis compared to internal forecasts.
While the revenue target for testing purposes excludes revenues
from COVID-19 testing and sequencing services under the UK National
Microbiology Framework, delivery against the covenant target
includes revenue realised from these sources. The loan is secured
against UK IP and fixed assets and a first priority line over IP in
the USA and Canada and represents the only material bank debt and
third party security borne by Yourgene.
Nooman Haque, Head of Life Sciences and Healthcare at Silicon
Valley Bank for EMEA: "Silicon Valley Bank is delighted to be
expanding its strong relationship with Yourgene through this
lending facility. This financing comes at an exciting time for the
business given its international expansion plans underpinned by its
broad range of capabilities in molecular diagnostics. We are
excited to support Yourgene at a time when the business is playing
an important role in the ongoing COVID-19 response by providing
valued surge testing and sequencing services."
Lyn Rees, Chief Executive Officer, commented: "The agreement
secured with SVB is a testament to the relationship we have built
over a number of years, having worked with them and their partners
in multiple territories including the USA, Canada, France, UK and
Singapore. SVB has an extremely strong franchise within the US and
its strong technology focus makes it an ideal strategic partner for
Yourgene as we continue to expand within the North American market
and internationally.
"As stated in our Interim results, we have kept our debt
capacity under review in light of our strengthening balance sheet
and this agreement allows us to more flexibly fund future growth
opportunities to drive shareholder value."
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation.
The Directors of the Company take responsibility for this
announcement.
Yourgene Health plc Tel: +44 (0)161 669 8122
Lyn Rees, Chief Executive Officer investors@yourgene-health.com
Barry Hextall, Chief Financial Officer
Joanne Cross, Director of Marketing
Cairn Financial Advisers LLP (NOMAD) Tel: +44 (0)20 7213 0880
Liam Murray / James Caithie / Ludovico
Lazzaretti
Singer Capital Markets (Joint Corporate Tel: +44 (0)20 7496 3000
Broker)
Aubrey Powell / Tom Salvesen / George
Tzimas
Stifel Nicolaus Europe Limited (Joint Tel: +44 (0)20 7710 7600
Corporate Broker)
Nicholas Moore / Matthew Blawat / Ben
Maddison
Walbrook PR Ltd (Media and Investor Tel: +44 (0)20 7933 8780 or yourgene@walbrookpr.com
Relations)
Paul McManus / Lianne Applegarth Mob: 07980 541 893 / 07584 391 303
/ Alice Woodings / 07407 804 654
About Yourgene Health
Yourgene Health is an international molecular diagnostics group
which develops integrated genomic technologies and services
enabling genomic medicine. The group works in partnership with
global leaders in DNA technology to advance diagnostic science.
Yourgene primarily develops, manufactures, and commercialises
simple and accurate molecular diagnostic solutions, for
reproductive health, precision medicine and now infectious
diseases. The Group's flagship products include non-invasive
prenatal tests (NIPT) for Down's Syndrome and other genetic
disorders, Cystic Fibrosis screening tests, invasive rapid
aneuploidy tests, and a recent extension into the oncology space
with DPYD genotyping.
The launch of Yourgene Genomic Services has enabled Yourgene to
offer a global laboratory service network equipped to be a full
life-cycle partner for clinical, research and pharmaceutical
organisations to support partners at the preclinical, clinical, and
post-market stages to develop, manufacture, obtain regulatory
approval and commercialise new products and services. In addition,
Yourgene Genomic Services offers an NIPT and high throughput COVID
testing service.
In August 2020, Yourgene acquired Coastal Genomics , Inc., a
sample preparation technology company based in Vancouver, Canada,
enabling the Company to extend its offering and IP portfolio in the
DNA sample preparation sector. The acquisition increased Yourgene's
geographical penetration into the US and Canada, supplementing
existing coverage in the UK, Europe, MEA and Asia.
Yourgene Health is headquartered in Manchester, UK with offices
in Taipei, Singapore, the US and Canada, and is listed on the
London Stock Exchange's AIM market under the ticker "YGEN". For
more information visit www.yourgene-health.com and follow us on
twitter @Yourgene_Health.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
AGRBPMTTMTJBTBT
(END) Dow Jones Newswires
January 19, 2022 02:00 ET (07:00 GMT)
Yourgene Health (LSE:YGEN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Yourgene Health (LSE:YGEN)
Historical Stock Chart
From Apr 2023 to Apr 2024
