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

genedrive shares push higher as the rapid diagnostics specialist gears up for important year

In an update on trading, chief executive David Budd said he was pleased with the progress
genedrive shares push higher as the rapid diagnostics specialist gears up for important year
Revenues were in line with market forecasts
genedrive plc (LON:GDR) saw its shares jump 5% higher on Friday as the rapid diagnostics specialist said it is applying for an additional £2mln of grant funding as it updated on current trading.
 
The awards will be used to progress work on the company's hepatitis-c and tuberculosis products.

WATCH: Genedrive receives NHS grant to develop and implement point-of-care test

In the year ended June 30, the business generated sales of £1.9mln, which while lower than the comparable period last year, were in line with market expectations and reflected the completion of an order for the US Department of Defence. genedrive ended the period with cash of £3.5mln.
 
In February, it made its first commercial shipments of the Genedrive HCV ID Kit (for diagnosing hepatitis-c) and further commercial sales have followed. 
 
The company said was applying for around 30 import licences as its commercial efforts ramp up.
 
"In conjunction with our distributors, we took the decision to hold back product registrations so we could include new extended product stability claims," genedrive told investors. 
 
"These improved performance claims will assist future commercialisation efforts and we envisage the majority of registration dossiers being submitted during the next month." 
 
Chief executive David Budd said he was pleased with the progress.
 
In late morning trading, genedrive shares were 5.2% higher at 30.5p.
 
 -- Adds share price --
 
View full GDR profile View Profile

Genedrive PLC Timeline

Related Articles

surgeons working
September 03 2018
Chief executive Steve Couldwell also told investors the regenerative medicines specialist had identified a number of potential new commercial opportunities it was “actively pursuing”
Drug discovery
April 04 2018
In the group’s 2017 results statement at the end of March, Ray Barlow - who took over as CEO on 6 April 2017 - commented: “We are now focused on the right activities"
scientist in lab
September 07 2018
Normally, patients have to wait until regulators have approved a drug before they get access to it, but up to 500 lupus sufferers will receive Lupuzor as part of a Managed Access Programme

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