Genedrive PLC – Half-year Report
genedrive plc (LSE: GDR), the near patient molecular diagnostics company, announces unaudited interim results for the six months to 31 December 2018.
The Company develops and commercialises a range of tests which can be used on its portable point-of-need molecular diagnostic reader, Genedrive®. The Company’s has four areas of focus: Hepatitis C (on market via distributors – Sysmex and Arkray), Bio-threats (on market, being sold directly to the US Department of Defense (“DoD”)), Antibiotic Induced Hearing Loss (in development with support of grant funding and expected to be on market in financial year 20/21) and Tuberculosis (in development with support of grant funding and expected to be on market in financial year 20/21).
Financial Highlights
- Total revenue and other income of £1.5m (2017: £1.3m) reflecting a shift to commercial revenues from development grant revenue
- Continued R&D spend giving rise to a pre-tax loss of £1.7m (2017: £2.3m)
- Successful fundraise of £6.0m (gross), a combination of £3.5m equity and £2.5m convertible loan
- Cash of £5.8m at 31 December 2018 (30 June 2018: £3.5m)
Operating Highlights
- First commercial orders from the DoD post development phase for $0.9m
- Genedrive HCV ID Kit® now under review by World Health Organisation for Pre-Qualified status
- Registration of HCV ID Kit® targeted for ~30 countries by end of current financial year with four already concluded including two classed as ‘priority countries’
Post-Period end Highlights
- Additional $0.5m order received from second end-user group within the DoD, with more expected
- HCV ID Kit® registered in a further 7 countries (11 in total) with 2 (4 in total) classed as ‘priority’; most territories requiring in-country studies prior to sales commencing
- Unaudited cash of £4.7m as at 27 March 2019, with the R&D tax credit (£1.0m) and $0.9m DoD payment of their first commercial order expected to be received in the coming weeks
David Budd, CEO of genedrive plc, commented: “We continue to execute our strategy of market entry for our Hepatitis C point of need molecular test and development of both our tuberculosis and Antibiotic Induced hearing Loss assays.
“Data from in-country HCV clinical studies remains very positive and corresponding to our expectation. While the speed of registration and evaluation processes for HCV was slower in the period than we expected and has had an impact on the timing of revenues, we are engaged and focussed on several country level opportunities regarding HCV testing programmes which are significant. Our biohazard identification programme with the US DoD transitioned to the commercial phase, and the uptake of orders is a positive sign, given the volumes and value attached to these complex assays.”