genedrive plc (LSE: GDR), the near patient molecular diagnostics company, today provides an unaudited update for the six month period ended 31 December 2018.
Revenue was £1.5m (2018: £1.3m). This largely comprised the $0.9m order for Genedrive® instruments and assays from the US Department of Defense (DoD) announced in November 2018 and on-going grant income. During the period good progress has been made on the two Innovate UK grant funded projects and the NHS grant funded project to develop an assay to test for antibiotic related hearing loss in infants.
The Company is also pleased to announce it has recently received an additional $0.5m order from the DoD which will be recorded as revenue in the second half of the year ending 30 June 2019.
The Company is targeting approximately 30 country registrations for the Genedrive® HCV ID Kit by the end of the financial year. Despite the delays in registration previously announced, the Company is pleased to confirm that that during November and December 2018 the Genedrive® HCV ID kit was registered in its first four countries, including two that are classed by the Company as priority countries. genedrive’s distributor will now progress to the next stage of in-country commercialisation. Sales typically can commence between one and twelve months following registration depending on specific country requirements. In addition to the registration processes, the Company is also involved in a number of country specific opportunities with the HCV ID kit to support near-term sales.
The process to obtain WHO pre-qualification (WHOPQ) is also progressing as expected. WHOPQ is a necessary step to support adoption of the Genedrive® HCV ID kit by interested United National agencies and WHO Member States in their procurement decisions.
The Company closed the period with cash of £5.8m (30 June 2018: £3.5m), following the successful fundraising which closed in December. During the current quarter the Company expects cash inflows from an R&D tax credit of £1.0m and to receive payment for the $0.9m DoD order.
David Budd, Chief Executive Oﬃcer of genedrive plc, said: “genedrive has the first to market point-of-need molecular test for HCV, a strong commercial platform, and a clear strategy to deliver revenue growth. genedrive has secured four registrations for the Genedrive® HCV ID Kit, is gaining recognition in the marketplace and is currently involved in a number of country specific commercial initiatives. The US Department of Defense order has made a significant contribution to revenue in the period and with the recently received additional order we are hopeful that this momentum will continue.”
The Company expects to announce results for the six months to 31 December 2018 on 28 March 2019.