MyHealthChecked Gains £3m Investment to Fund Rapid Expansion

MyHealthChecked (MHC Follow) said it intends to raise proceeds of around £3.0m at 1.75p in order to launch its current products into the retail sector and develop a pipeline of new products via an accelerated bookbuild. 

The placing comes at a time when the Company is looking to expand its commercial activities and more than double its team by December 2022 as well as increase marketing investment to accelerate commercial growth.

It also intends to launch a smartphone app in order to capture data and broaden its overall testing capabilities within the home testing market through a multi-sector strategy.

According to Data Bridge Market Research, the compound annual growth rate for the at-home testing kit market is projected to grow 6.8%, from $8.87bn in 2019 to $16bn by 2027.

The size of the placing and limited discount to last night’s closing price reflects the increasing confidence investors have in the Company’s product portfolio and management’s strategy for growth in FY21 since acquiring the home-use testing company, The Genome Store, in November 2020 and launching its direct-to-consumer COVID-19 lab-based test in December 2020. Since the beginning of November 2020, shares in MyHealthChecked have gained over 120% in value and are holding strong this morning at

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MyHealthChecked is focused on establishing itself as one the UK’s leading B2C testing business addressing the high growth structural shift from consumers to use affordable tests delivered to their home, and with a digitally delivered outcome and actionable advice.

The group, formerly known as Concepta, rebranded to MyHealthChecked™ in December 2020 in order to reflect its expansion strategy into new markets as it focuses on widening its portfolio to include a broader mix of female health and personalised healthcare products.  

Its transition started with the acquisition of at-home genomic test service provider, The Genome Store, in November 2020 which it said delivers on its strategic focus to grow its product portfolio into other areas of personalised health and female health products.

The Genome Store provides a further portfolio of products to its personalised fertility tracker, with additional products being developed that focus on women’s health testing.

“The incorporation of this development and operational expertise into Concepta provides a platform on which to broaden our horizons to develop new commercial relationships, and unlocks our potential to develop an exciting portfolio of at-home tests that supports families as they increasingly seek to take care of their own wellbeing from their own home. 

**”As the testing horizon changes, we look forward to working with our new team in the expansion and launch of our initial development pipeline. We remain committed to the development of connected technology through our fertility testing platform, whilst adding to our portfolio to support personalised family health,” commented CEO, Penny McCormick.

The group then launched a “highly accurate” direct- to-consumer COVID-19 lab-based PCR test in December 2020 which is available to the UK public via a new ecommerce website.

At the time, it said the newly acquired team had delivered the launch of this testing service to an efficient timescale in order to ‘enable an awareness drive to the public ahead of the Christmas period at a time when members of the public are making holiday plans.’

“As our pipeline development continues and we invest in our plans to build a sustainable, long term business, we’re proud to be delivering on this short-term opportunity with a high quality, highly accurate coronavirus swab kit and testing service,” commented McCormick.

She added, “Our priority is to look beyond the pandemic with a range of affordable, meaningful at-home test kits, but it would be remiss of us – now with the expertise and operational channel in-house – not to make this kit available to the public. 

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