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Genedrive frustrated by slow take-up of diagnostic kit

The kit performed exceptionally well in the field as demonstrated in HCV study data and AIHL CE marking studies’.

Genedrive PLC -
Hepatitis test has been approved in India

Genedrive PLC (LON:GDR) has cautioned.that orders for its diagnostic kits are coming through slower than anticipated,

India approved its kit to detect hepatitis C at the end of 2019 making fourteen countries that have now given the green light to the diagnostic, but commercialisation remains slow, the firm said in a trading update.

A US$2mln framework agreement to supply pathogen detectors to the US Department of Defense is also shipping slower than expected.

More encouragingly, genedrive’s development of an antibiotic-induced hearing loss (AIHL) test for babies is entering implementation trials at hospitals in Manchester and Liverpool.

Revenues in the half-year to December were £600,000(£1.5mln), while losses rose to £3.3mln from £1.7mln as genedrive continues to spend heavily on R&D.

Cash was £3.5mln at the end of December. 

David Budd, chief executive, said the challenge remains to sell more its kit, ‘which has performed exceptionally well in the field as demonstrated in HCV study data and AIHL CE marking studies’.

“We are very excited in the potential of AIHL, which has obtained CE marking in the period, and whilst we are cautious on meeting our short-term revenue expectations, we also remain confident in the long-term potential of the DoD and the HCV markets.”

genedrive shares fell 9.5p to 11.5p.

Quick facts: Genedrive PLC

Price: 39.025 GBX

AIM:GDR
Market: AIM
Market Cap: £24.66 m
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