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Genedrive making “good progress” as it hurtles towards commercialisation of its hep C test

It was a busy second half of 2017 for Genedrive, which managed to secure a CE mark of its HCV ID Kit, bring on board a distribution partner and launch the test in Africa
hepatitis c virus patient
The HCV ID Kit provides on-the-spot results in just 90 minutes direct from a very small plasma sample

It is an “exciting period of growth” for Genedrive PLC (LON:GDR) according to its boss, David Budd, as the medical diagnostics group hurtles towards commercialisation of its Hepatitis C (HCV) ID Kit.

AIM-quoted Genedrive published the results of a performance study in Africa earlier this week which demonstrated the “robust performance” of the handheld device in a third party setting and on territory specific examples.

‘Good progress’ with hep C test

Back in September the HCV ID Kit – which can test for the virus much more quickly and easily than what is currently out there – was awarded an all-important CE mark which meant it could be sold into Europe as well as any other country that accept CE certification under their national regulations.

The wheels of commercialisation were really set in motion towards the end of 2017 when genedrive signed a distribution agreement with Sysmex which will see the latter market and sell the ID Kit and Genedrive platform in the EMEA region, with an initial focus on Africa where the virus is particularly prevalent.

“We are making good progress with the launch of the CE-marked Genedrive HCV ID kit,” said chief executive Budd.

“This is an exciting period of growth and evolution for Genedrive as we transition to a commercial stage point of care diagnostics company.”

First half trading update

In the same statement, Genedrive also gave investors a heads up as to what to expect from its interim results which will be published in March.

Group revenue for the six months to the end of December is expected to come in at £2.6mln (H1 16/17: £2.8mln), with sales from the diagnostics arm rising to £1.3mln (H1 16/17: £1.2mln).

The services division – which the board is looking to divest – generated revenues of £1.3mln in the half.

“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,” read this morning’s statement.

As of December 31, Genedrive had £4.6mln of cash in the bank (30 June 2017: £5.1mln) following the receipt of £1.2mln R&D tax credits in the period.

In late afternoon trading, Genedrive shares were up 8.3% to 32.5p.

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