Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

Genedrive's Hepatitis C test is quick, effective and simple to use, say analysts

The diagnosis of Hepatitis C is a multi-million-dollar market opportunity
genedrive
Hepatitis C ID Kit tests the virus more quickly and easily than other products on offer

Genedrive PLC’s (LON:GDR) offers a rapid, low-cost, simple-to-use device with high sensitivity and specificity in testing for Hepatitis C, according to analysts at Hardman & Co. 

The analysts said the company’s first half sales were ahead of forecasts as it made progress with its Hepatitis C (HCV) ID Kit, which was launched at the IFCC World Lab conference in South Africa in October.

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

The kit tests for the virus much more quickly and easily than other products currently on offer.

Hardman & Co said the diagnosis of HCV is a multi-million-dollar market opportunity. 

“The hepatitis C market is a global opportunity, very large even in developing countries. With a strong commercial partner now in place, early evidence of sales traction will highlight the valuation anomaly,” it said.

In September, the kit was awarded a CE mark, meaning it could be sold into Europe and other countries that accept this certification.

"Now that the Genedrive technology platform has received CE Mark, the new management team has completely re-focused the company onto the commercialisation pathway for diagnosis of infectious diseases, signing two important commercial agreements with Sysmex, a major global player," Hardman & Co said.

READ: Genedrive’s Hep C diagnostic device excels in African performance study

Distribution partner, Sysmex, has successfully completed the first field study in Africa. The results of the study were published earlier this week, revealing the “robust performance” of the handheld device in a third party setting and on territory specific examples.

"Genedrive technology ticks all the boxes described for an ‘ideal’ in vitro diagnostic that satisfies the need for powerful molecular diagnostics outside the hospital setting," Hardman & Co said.

Sales in the six months to the end of December fell to £2.6mln from £2.88mln the same period a year ago. The company ended the period with a strong-than-expected cash balance of £4.6mln.

"The next six months are set to be an exciting period for Genedrive PLC as the company transitions to commercialisation of its diagnostics products," Hardman & Co. said.

"It remains on track to report full-year sales in line with our forecasts (£5.1m), which include a boost to the diagnostics business from the first sales of the Genedrive HCV ID platform and kits to its distributer, Sysmex, towards the end of the second half."

View full GDR profile View Profile

Genedrive PLC Timeline

Related Articles

car-t cells definition
Mon
The phase I clinical study will evaluate the safety of MaxCyte's MCY-M11 chimeric antigen receptor in people with relapsed or difficult-to-treat ovarian cancer and peritoneal mesothelioma
little girl sneezing in a field
May 21 2018
The Phase II study of Allergy Therapeutics’ PQ Grass immunotherapy – an aluminium-free, ultra-short course hay fever treatment – evaluated dose response and safety
bacteria
Thu
Following the disappointment of its DMD treatment over summer, Summit is leveraging its Discuva platform to develop new antibiotics, which doctors are in desperate need of

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use