Business
Interim Results
Interim Results.
About this update from Genedrive Plc
[{"type":"text","content":"\n \nRNS Number : 2042I Genedrive PLC 20 March 2018 \n\n20 March 2018\n \nInterim Results for the six-month period to 31 December 2017\n \ngenedrive 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. \n \nFinancial Highlights \n· Total revenue and other income of £2.6m (2016: £2.9m)\n· Genedrive® related income up 8.3% to £1.3m (2016: £1.2m)\n· Cash of £4.6m at 31 December 2017 (30 June 2017: £5.1m) post receipt of £1.2m R&D tax credit \n· Continued investment in Genedrive®, giving rise to a pre-tax loss of £2.2m (2016: £3.0m)\n \nOperating Highlights \n· CE marking obtained for Genedrive HCV ID kit and commercialization activities commenced\n· 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\n· Successful external validation of Genedrive HCV ID kit, 100% sensitivity and specificity in independent user evaluation in South Africa\n· Terminated Xcelris distribution agreement in India that included countries in the South Asian Association for Regional Cooperation\n· £0.6m Innovate UK grant award to fund centrifuge free plasma separation device\n \nPost-Period end Highlights\n· Initial sales of Genedrive® units and assays made to Sysmex EMEA and Sysmex APAC as part of the launch of the HCV product \n· £1.1m conditional grant offer from Innovate UK to part-fund development of the sample preparation process for the mTB assay\n· Unaudited cash of £3.9m as at 28 February 2018\n \nDavid Budd, CEO of genedrive plc, commented: \"We continue to execute on our strategy t...