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Genedrive making “good progress” as revenues rise across board, Hep-C assay nears EU approval

Genedrive submitted its Genedrive HCV ID kit for CE IVD certification back in March and said today it expects to hear back in the “near future”
Genedrive's HCV ID Kit
The HCV assay provides on-the-spot results in just 90 minutes

Genedrive PLC (LON:GDR) has enjoyed a year of “good progress”, in which it saw revenues rise  as its breakthrough rapid diagnostic for Hepatitis-C moved nearer to European regulatory approval.

The molecular diagnostics specialist submitted its Genedrive HCV ID kit for CE IVD certification back in March and said today it expects to update the market on the outcome of this application in the “near future”.

Genedrive’s HCV assay provides on-the-spot results in just 90 minutes direct from a very small plasma sample.

READ: Genedrive -Ready to launch the first point-of-care HepC test

The receipt of CE IVD certification under the EU Medical Devices Directive would green-light the commercialisation of the product in the European Union.

Revenues grow, health financial position

It wasn’t just a year of operational progress though, Genedrive finished the year in a solid financial position after it saw revenues grow across the board.

For the 12 months to 30 June 2017, the AIM-quoted firm reported group revenues of £5.8mln, comfortably ahead of the £5.1mln it posted last year.

Of that, £2.6mln came from diagnostic-related revenues (2016: £1.9mln), while services revenues accounted for £3.2mln (2016: £3.1mln).

The company closed the period with cash of £5.1mln (2016: £1.1mln), thanks to the £6.5mln it raised this time last year.

It burnt through £0.6mln in the second half of the year, with cash flows helped out by a £0.8mln tax credit.

Possible sale of services division

Although the services business continues to make a positive contribution to cash flows, Genedrive doesn’t deem it a core part of the company going forward and is looking at the possibility of offloading it.

None of the offers to acquire the division have been acceptable yet, Genedrive said, adding that it is also exploring other ways which would allow the business to best contribute to the group.  

‘Significant’ few months coming up

“We have continued the good progress made in the first six months of the calendar year and continue to work towards realising the proven potential of the Genedrive platform across several value creating opportunities,” said chief executive David Budd.

“The forthcoming months will be significant for the Company as there are a number of near-term milestones expected to be achieved, in particular for the Genedrive HCV ID kit.”

Full-year results for the 12 months ended 30 June are expected to be published in October.

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