For release: 17 January 2018
genedrive plc ("genedrive" or the "Company")
genedrive plc (AIM: GDR), the near patient molecular diagnostics company, today provides an unaudited period end update for the six months ended 31 December 2017.
Group revenue was £2.6m (2016: £2.8m) with diagnostic (Genedrive®) related revenue of £1.3m (2016: £1.2m). Diagnostic revenue was largely comprised of the US Department of Defense project, with £1.0m of development income and £0.3m of product related sales.
genedrive has made significant strategic and operational progress in the period with the CE marking of its Genedrive® HCV ID Kit, the appointment of its distribution partner, Sysmex Corporation ("Sysmex"), in the EMEA and Asia Pacific regions, and the launch of the Hepatitis C test in Africa. Recently published field study results also demonstrated the robust performance of the HCV test in a third party setting and on territory specific samples. The Company continues to make good progress towards commercialising its Genedrive® HCV ID test and is performing in line with current expectations.
The Services division generated revenue of £1.3m (2016: £1.7m). While a disposal has yet to be secured in line with our strategic objective, discussions are ongoing and we remain optimistic that an appropriate divestment can be secured.
The Company closed the period with cash of £4.6m (30 June 2017: £5.1m), following the receipt of £1.2m R&D tax credits in the period.
David Budd, Chief Executive Officer of genedrive plc, said: "We are making good progress with the launch of the CE-marked Genedrive® HCV ID kit. This is an exciting period of growth and evolution for genedrive as we transition to a commercial stage point of care diagnostics company."
The Company expects to release results for the six months up to 31 December 2017 on 20 March 2018.
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For further details please contact:
David Budd: CEO +44 (0)161 989 0245
Matthew Fowler: CFO
Peel Hunt LLP
James Steel +44 (0)207 418 8900
Consilium Strategic Communications
Chris Gardner +44 (0)203 709 5700
Notes to Editors
About genedrive plc
genedrive plc is a molecular diagnostics company developing and commercialising a low cost, rapid, versatile, simple to use and robust point of need molecular diagnostics platform for the diagnosis of infectious diseases and for use in patient stratification (genotyping), pathogen detection and other indications. The Genedrive® platform and MTB/RIF assay has been launched in India and a Genedrive® HCV test has received CE-IVD Certification and has been launched in Africa. genedrive has distribution agreements with subsidiaries of Sysmex Corporation for the distribution of the Genedrive® platform in the EMEA and Asia Pacific regions.
This information is provided by RNS