Genetic Signatures Ltd (ASX:GSS) chief executive Dr John Melki will be among the presenters at the upcoming ASX Small and Mid-Cap Conference at Sydney’s Darling Harbour on September 6.
The molecular diagnostics (MDx) company is developing and commercialising a platform technology called 3Base which is applicable to all specimen types, and compatible with DNA, RNA and nucleic acid detection technology.
Genetic Signatures’ lead product offering is the EasyScreen series of tests, used for rapidly detecting infectious diseases.
The polymerase chain reaction-based products are used in hospitals and pathology laboratories in regions across the world, including in Australia and New Zealand, Israel and Europe, the US and North America and other nations.
The swiftness and accuracy of Genetic Signatures' microbiology tests have been demonstrated during clinical trial.
New products and contract push up share price
Genetic Signatures debuted on the Australian Securities exchange on March 31, 2015, at 40 cents, with the company’s share price starting a breakout pattern this month, with a last-traded price of 54 cents late this morning.
Asia Union and Christopher Abbott held 39.6% of the company on August 15, with Deutsche Bank AG (NYSE:DB) (FRA:DBK) (NYSEARCA:DYY) holding 14.2% and Genetic Signatures’ directors, management and advisors a collective stake of more than 6%.
READ: Small and mid-cap companies will be showcased during inaugural ASX conference
Genetic Signatures’ August pricing breakout came after the company launched the second-generation EasyScreen Respiratory Pathogen Detection Kit which detects 14 common respiratory pathogens and a new technology called the GS1-HT System which automates sample processing and amplification setup.
The second-generation EasyScreen kit include influenza A and B, rhinovirus and mycoplasma pneumoniae pathogens.
Genetic Signatures has a well laid out commercialisation plan.
New Genetic Signatures contract
Genetic Signatures was rewarded for releasing the improved kit with a new contract from a “large Australian pathology service provider” which will also adopt the biotech’s workflow automation system.
Chief executive officer Dr John Melki welcomed the new contract, new-generation test and newly introduced technology, describing the trifecta as “a major milestone for Genetic Signatures”.
“The contract has been achieved via our innovation and development of the 3base platform technology and the supply of our proprietary workflow automation system GS1-HT, which allows for consistent high levels of throughput to deliver rapid results during peak flu season,” he said.
“A new contract with a large Australian service provider validates Genetic Signatures’ technology and we look forward to seeing the impact this has on global sales.”
Genetic Signatures has systematically grown quarterly revenues over the past three years since listing on the Australian Securities Exchange.
Genetic Signatures grows revenue more than 39%
The company increased its year-on-year revenue by more than 39% to $2.8 million in the 2017-18 financial year.
Genetic Signatures upped June quarter revenues to about $691,000, a 20% gain on the June 2017 financial quarter.
The company reported $510,000 of cash receipts for the June 2018 quarter, and held $8.97 million cash on June 30 and no debt at all.
Among the June quarter highlights were government registrations of its extended spectrum beta-lactamase and carbapenemase-producing organisms superbug test known as EasyScreen ESBL & CPO.
The company received European CE-IVD approval for the in vitro diagnostic in April and Australian Therapeutic Goods Administration registration in May.
Genetic Signatures used its quarterly activities report to emphasize it was “well positioned for continued revenue growth, with additional revenue streams expected following regulatory approval of the EasyScreen ESBL & CPO Detection Kit.”
Upcoming milestones include European and regulatory approvals for the EasyScreen Respiratory, STI/Genital and Flavivirus/Alphavirus detection kits, expected before the end of this calendar year.
The company will soon add about $400,000 to its cash balance after amendment to its 2016-17 tax return.
Genetic Signatures will present at the inaugural ASX Small and Mid-Cap Conference in Sydney on Thursday, September 6. To attend the conference, register here.