14th December 2015
Premaitha Health PLC has signed an agreement for Thermo Fisher Scientific to provide a £5 million investment in Premaitha.
Premaitha’s CE-marked, non-invasive prenatal screening (NIPT) product, the IONA® test, runs on Thermo Fisher’s two sequencing instruments, the Ion Proton and Ion Chef. Thermo Fisher is the world leader in serving science, with revenues of $17 billion and approximately 50,000 employees in 50 countries.
This investment will enable Premaitha to offer enhanced commercial solutions to clinical laboratories across Europe and other international territories, enabling more pregnant women to access the benefits of NIPT. It will also allow the Company to deliver and further develop high quality, fully validated non-invasive prenatal screening tests that are designed to reduce costs and improve patient outcomes.
Thermo Fisher will invest £5 million in Premaitha in the form of a secured loan facility:
- £3 million to be received at the outset with further milestone payments expected over the next two years
- Interest to accrue at a rate of 6 percent per annum payable quarterly in arrears or capable of conversion to loan principal
- Repayable between 14 December 2022 and 14 December 2023, with option to repay earlier
Premaitha will issue warrants to Thermo Fisher over 20,325,204 new ordinary shares in the Company at an exercise price of 24.6 pence per share (“Warrants”), representing 8.2 percent of the Company’s so-enlarged issued share capital (7.1 percent on a fully diluted basis). The Warrants will expire after 8 years.
Dr Stephen Little, CEO of Premaitha, said:
“Today we have strengthened our relationship with Thermo Fisher as an investor in our business.
“This investment will enable us to expand our global reach, support our marketing and clinical and technical capabilities. It will also provide future product development opportunities in the rapidly growing non-invasive prenatal testing market.”