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Genedrive PLC: Overlooked Story Entering the Launch of their HepC Diagnostic Kit

Genedrive PLC: Overlooked Story Entering the Launch of their HepC Diagnostic Kit
  • Genedrive (LON:GDR) on track to become a commercial stage, point-of-need diagnostics company
  • Launch of Genedrive® Hepatitis C (HCV) test at IFCC World Lab October 2017, with commercial sales expected in the coming quarters (African markets)
  • Distribution agreement signed for HCV test for Asia Pacific
  • Collaboration with the US Defense Department (bio-hazard program) to generate further income (c. $1.9mln) in the current fiscal year
  • Re-launch of Genedrive® MTB (tuberculosis) test is being reassessed
  • Management actively engaged in the disposal of the legacy service business (preclinical research and pharmacogenomics)
  • Cash position of £4.2mln as of 30 September 2017, enough to finance the ongoing business well into fiscal year 2019
  • Our SOTP valuation yields an equity value of c. £24mln, over 3x current market capitalization

In the coming quarters we expect Genedrive to update the market on several key fronts:

  • Genedrive® HCV launch trajectory, following the distribution agreement signed with Sysmex Europe
  • Further distributor agreements for other territories
  • Divestment of the services business (estimated value in the £1.6-4.8mln range)
  • Reassessment of the commercial strategy for Genedrive® MTB test in India
  • Further developments for other Genedrive® applications (bio-hazards, aquaculture, etc.)
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