INC GROUP raised over PLN 4 million for GenXone

Specializing in financing innovative entities, the INC Group has successfully completed the private issue of GenXone shares. INC Brokerage House functioned as an offeror in the process of private issue of shares, as a result of which GenXone raised PLN 4.14 million. GenXone is a portfolio company of Carpathia Capital SA, a subsidiary of INC. A biotechnology Company operating in the field of molecular genetics conducts, among others, research on SARS-CoV-2.

GenXone is an innovative Company specializing in NGS (next generation sequencing) and medical diagnostics and is one of the first laboratories in Poland and in the world using nanopore sequencing technology. In March, the Company began carrying out laboratory tests to identify SARS-CoV-2 in cooperation with its shareholder and strategic business partner- Diagnostics Company.

– The strategy of advising on raising capital for innovative companies from the SME sector that we have adopted works well even in such difficult for capital markets, but also for the whole economy, circumstances. This is proof that the advisory and investment ecosystem created by us works. It is very important for us that the Company will use part of the funds to develop diagnostic services and popularize SARS-CoV-2 detection tests – says Paweł Śliwiński, president of INC.

The Ministry of Health entered the GenXone Molecular Diagnostics Laboratory on the list of peripheral laboratories performing tests for SARS CoV-2 virus. Thanks to this, the Company has the opportunity to support the public health service in performing diagnostic tests financed from the National Health Fund.

Recently, a team of GenXone scientists has also prepared a project consisting of sequencing the genomes of the SARS-CoV-2 coronavirus obtained from patients’ samples with a positive result. Research can be very important in the fight against a coronavirus pandemic, and their results can be used to develop a vaccine for SARS-CoV-2.

The Company will allocate the funds, raised from the issue of shares, to the Company’s development, including the implementation of further innovative projects, such as Nanobiome, which aims to perform advanced research of human intestinal microbiota. GenXone’s goal is to commercialize the project this year.

53 investors subscribed for GenXone shares, including 46 legal ones  and 7 legal entities. GenXone intends to debut on the NewConnect market in mid-2020. Medcamp, a company listed on NewConnect, is a significant shareholder of GenXone. The company is at the stage of creating a biotechnology fund. The INC Group is a minority shareholder of both companies.

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