Genedrive PLC Trading Update (5041U)
July 13 2018 - 1:00AM
UK Regulatory
TIDMGDR
RNS Number : 5041U
Genedrive PLC
13 July 2018
For release: 13 July 2018
genedrive plc ("genedrive" or the "Company")
Trading Update
genedrive plc, the near patient molecular diagnostics company,
today provides an unaudited trading update for the twelve months
ended 30 June 2018.
Diagnostic related revenue (Genedrive(R)) was GBP1.9m (2017:
GBP2.6m). The Company closed the period with cash of GBP3.5m (31
December 2017: GBP4.6m) reflecting in part the completion of the
Services Business disposal in June 2018. The revenue reduction
versus the previous year was anticipated, and in line with market
expectations, reflecting the successful completion of the US
Department of Defence development contract. Diagnostics is now the
Company's only reporting segment following the disposal of
Services.
genedrive made its first commercial shipments of the Genedrive
HCV(R) ID Kit in February 2018 and following these initial
shipments, further commercial sales have followed. The Company is
currently progressing registration and import licenses in
approximately 30 countries. In conjunction with our distributors,
we took the decision to hold back product registrations so we could
include new extended product stability claims. These improved
performance claims will assist future commercialisation efforts and
we envisage the majority of registration dossiers being submitted
during the next month.
The Company was awarded over GBP2m of grants during the year,
including in June 2018, GBP0.6m as part of a multi-partner grant
award for development and implementation of Genedrive(R) in an NHS
setting, an exciting new future market for the Company. This
non-dilutive grant funding will be matched against future costs of
progressing product development priorities including the proposed
reintroduction of an mTB test with automated sample preparation to
our target markets. The vast majority of the GBP2m will be
recognised in the year to June 2019. Progress of the infectious
disease and NHS grant programmes will be provided in the annual
report and accounts.
David Budd, Chief Executive Officer of genedrive plc, said: "I
am pleased with the progress of the Company and the execution of
our stated strategy over the last twelve months. We have launched
the HCV ID Kit(R) and in conjunction with our distribution partners
engaged with the relevant registration authorities in key
countries, and this is expected to have a positive impact on
diagnostic revenues in future years.
"We are applying the GBP2m of additional non-dilutive grant
funding to progress our development work for our HCV and mTB
products which are core to our strategy. Augmenting this, we
announced another potential future revenue stream in the form of
Genedrive(R) tests for an emergency healthcare setting in the NHS,
opening a new, very exciting future marketplace to the Company.
"Finally, with the disposal of the Services business in June, we
have delivered on our stated strategy and genedrive is now a fully
focused and growing diagnostics business exploiting the
opportunities of decentralised molecular diagnostics."
- Ends -
For further details please contact:
genedrive plc
David Budd: CEO +44 (0)161 989 0245
Matthew Fowler: CFO
Peel Hunt LLP
James Steel +44 (0)207 418 8900
Oliver Jackson
Stanford Capital Partners Limited +44 (0)203 815 8880
Patrick Claridge
Consilium Strategic Communications
Chris Gardner +44 (0) 203 709 5700
Matthew Neal
Laura Thornton
genedrive@consilium-comms.com
Notes to Editors
About genedrive plc
genedrive plc is a molecular diagnostics company developing and
commercialising a low cost, rapid, versatile, simple to use and
robust point of need molecular diagnostics platform for the
diagnosis of infectious diseases and for use in patient
stratification (genotyping), pathogen detection and other
indications. The Genedrive(R) HCV-ID test has received CE-IVD
Certification and has been launched in Africa and Asia Pacific.
genedrive has distribution agreements with subsidiaries of Sysmex
Corporation for the distribution of the Genedrive(R) platform in
the EMEA and SE Asia (ex-India), and with ARKRAY Healthcare pvt Ltd
for the distribution of the Genedrive(R) HCV ID Kit and
Genedrive(R) platform in India.
Further details can be found at: www.genedriveplc.com and
www.genedrive.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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