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genedrive chairman says sales orders include "a potential supply contract to a ministry of health of a European country"

"If converted to a sale this would be for low double-digit millions of pounds of revenue and delivered in the first quarter of the new calendar year without the need for prolonged regulatory approvals," added Dr Ian Gilham

Genedrive PLC -

genedrive PLC (LON:GDR) said further, possibly significant, orders for its coronavirus rapid test are expected through its widened network of partners.

“Our pipeline of sales opportunities for the 96 SARS-CoV-2 test is growing and includes a potential supply contract to a ministry of health of a European country,” chairman Dr Ian Gilham told investors.

“If converted to a sale this would be for low double-digit millions of pounds of revenue and delivered in the first quarter of the new calendar year without the need for prolonged regulatory approvals.”

At the year-end (June 30) the molecular diagnostics specialist had £1mln of initial orders for the kit.

In an update alongside its full-year results, genedrive also said its 15-minute point of care device was set to be launched in March.

While the discovery of two seemingly effective vaccines has lifted the market mood, the need for “effective and accurate tests are still likely to be needed for some time to come”, said Proactive Research analyst Emma Ulker.

This comment was echoed by the company, which said: “Recent vaccine news is very welcome but the board remains confident that high throughput and point of care COVID-19 testing opportunities will be a critical part of controlling the pandemic for a considerable period of time.”

Before the onset of the pandemic, the company had successfully developed a test for hepatitis C (HCV), which has won pre-qualification status with the World Health Organisation and CE-market kit to assess for antibiotic-induced hearing loss.

The company posted a £5.6mln loss for the year to June 30, reflecting the investment in R&D and increased spend to bring through its Covid assay. More pertinently, its cash position as at the end of last month was £5.1mln.

Quick facts: Genedrive PLC

Price: 51.6 GBX

AIM:GDR
Market: AIM
Market Cap: £29.14 m
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