30 March 2017

genedrive plc: Interim Results for the six month period to 31 December 2016


Interim Results for the six month period to 31 December 2016 

genedrive plc (LSE: GDR), the near patient molecular diagnostics company, announces today its unaudited interim results for the six months to 31 December 2016. The first half of the financial year saw the Company continue investment in its core Genedrive® platform and continue preparations for launch of its test for Hepatitis C.

Financial Highlights

  • Total revenue and other income of £2.9m (2015: £2.0m), up 45.0% on prior period
  • Genedrive® related income up 71.4% to £1.2m (2015: £0.7m)
  • Continued investment in Genedrive®, giving rise to a reported after tax loss of £2.7m (2015: £3.3m)
  • Net cash of £5.7m at 31December 2016 (30 June 2016: £1.1m); post £6.5m fund raising in July 2016

Operating Highlights

  • Proprietary Genedrive® Hepatitis C (HCV) test began external performance assessments
  • Continued positive progress with the US Department of Defense (DoD) biohazard identifier programme
  • Successful field trials of Genedrive® aquaculture testing programme, performed in collaboration with the Centre for Environment, Fisheries and Aquaculture Science (CEFAS)   
  • Improved first half revenues from our non-Genedrive® Services operations
  • Disappointing uptake of MTB/RIF assay in India, in part owing to sample preparation problems specific to MTB
  • Name change from Epistem Holdings Plc to genedrive plc completed to reflect strategic focus on becoming a commercial-stage molecular diagnostics business
  • CE-IVD certification for the Genedrive® eIL28B SNP human genotyping test
  • Matthew Fowler appointed as Chief Financial Officer

Recent Developments

  • Genedrive® HCV ID test submitted for CE marking after excellent clinical trial results yielding sensitivity greater than 99% and specificity of 100%
  • £0.8m tax credit received post period end

“The recent period has seen genedrive plc continue to focus on the significant opportunity we see in molecular diagnostics with our rapid, point of need Genedrive® system. In Hepatitis C, we are making very positive progress. Our recent application for CE certification positions us well to be first to market with a decentralised point of need HCV qualitative test which would enable real-time treatment and management of chronic HCV patients with the new generation of direct acting antivirals. “Despite the difficulties in accessing the full potential of the Genedrive® system thus far through the MTB/RIF launch, the Board remains confident of the business strategy.  We are excited about the future of the platform, especially in HCV and pathogen testing, and its potential in the attractive near patient, decentralized molecular diagnostics market.”

David Budd

CEO of genedrive plc

For further details please contact:

genedrive plc
David Budd: CEO
Matthew Fowler: CFO
+44 (0)161 989 0245

Peel Hunt LLP
James Steel
Oliver Jackson
+44 (0)207 418 8900

Consilium Strategic Communications
Chris Gardner
Matthew Neal
Laura Thornton
+44 (0)203 709 5700

*** Please find attached pdf document with the full results statement ***

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