20 March 2018

genedrive plc - Interim Results for the six-month period to 31 December 2017

 

genedrive plc (LSE: GDR) (“genedrive” or the “Company”), the near patient molecular diagnostics company, announces today its unaudited interim results for the six months to 31 December 2017. The first half of the financial year saw the Company continue investment in its core Genedrive® platform and continued preparation for launch of its Genedrive® Hepatitis C assay.

Financial Highlights

  • Total revenue and other income of £2.6m (2016: £2.9m)
  • Genedrive® related income up 8.3% to £1.3m (2016: £1.2m)
  • Cash of £4.6m at 31 December 2017 (30 June 2017: £5.1m) post receipt of £1.2m R&D tax credit
  • Continued investment in Genedrive®, giving rise to a pre-tax loss of £2.2m (2016: £3.0m)

Operating Highlights

  • CE marking obtained for Genedrive HCV ID kit and commercialization activities commenced
  • Signed exclusive distribution agreements for HCV ID kit with Sysmex Europe GmbH (“Sysmex EMEA”) to cover Europe and Africa and Sysmex Asia (“Sysmex APAC”) for Asia Pacific, excluding India
  • Successful external validation of Genedrive HCV ID kit, 100% sensitivity and specificity in independent user evaluation in South Africa
  • Terminated Xcelris distribution agreement in India that included countries in the South Asian Association for Regional Cooperation
  • £0.6m Innovate UK grant award to fund centrifuge free plasma separation device

Post-Period end Highlights

  • Initial sales of Genedrive® units and assays made to Sysmex EMEA and Sysmex APAC as part of the launch of the HCV product
  • £1.1m conditional grant offer from Innovate UK to part-fund development of the sample preparation process for the mTB assay
  • Unaudited cash of £3.9m as at 28 February 2018

“We continue to execute on our strategy to transform genedrive’s focus fully on to molecular diagnostic targets, particularly on the global opportunities present in HCV and TB, as well as looking to the future for additional accretive assays. With HCV, we are first to market in what is a major market opportunity with new direct acting antivirals. We plan to re-enter the large and established mTB market, and we expect to capitalise on other opportunities in markets where Genedrive®’s speed, cost and accessibility provide tangible benefits to end users.”

David Budd

CEO of genedrive plc

Conference call for analysts

A briefing for analysts will be held at 09:30 am GMT on 20 March 2018 at 85 Gresham Street, London, EC2R 7HE. There will be a simultaneous live conference call with Q&A and the presentation will be available on the Company's website at http://www.genedriveplc.com/.

 

Please visit the website approximately 10 minutes before the conference call to download the presentation slides. Conference call details:

Participant dial-in: 08003767922

International dial-in: +44 (0) 2071 928000

Participant code: 2191338

 

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

 

Consilium Strategic Communications

Chris Gardner                                                                                                               +44 (0)203 709 5700

Matthew Neal

Laura Thornton

genedrive@consilium-comms.com 

 

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® platform and MTB/RIF assay has been launched in India and a Genedrive® HCV test has received CE-IVD Certification and has been launched in Africa. genedrive has distribution agreements with subsidiaries of Sysmex Corporation for the distribution of the Genedrive® platform in the EMEA and Asia Pacific regions.

Further details can be found at: www.genedriveplc.com and www.genedrive.com 

 

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