Trading Update

RNS Number : 9178F

Genedrive PLC

02 August 2016

 

RNS  

For release: 02 August 2016

Genedrive plc ("Genedrive" or the "Company")

Trading Update

Genedrive plc (LSE: GDR), the near patient molecular diagnostics company which recently changed its name from Epistem Holdings Plc, is pleased to announce today a trading statement for the full year ended 30 June 2016.

Revenue for the full year was £5.0m, at the top end of our previous guidance of £4.6m - £5.0m (2015: £4.5m). EBITDA losses are expected to be in line with market expectations of £3.9m (£3.5m). Net cash at 30 June 2016 was £1.1m (2015: £4.9m). Following the year-end, the Company completed a placing of new ordinary shares which raised £6.05m net of expenses. The Company expects to announce audited full year results in October 2016.

Following the launch in India of its first product, for tuberculosis detection and antibiotic resistance testing, the Company has continued to collect analytical data from reference sites, in India, and this has been uploaded to the Company's new Genedrive® product website (www.genedrive.com). This data is in line with that submitted to the Drug Controller General of India on which the regulatory approval was obtained. Additional key opinion leader sites will be recruited to underscore the Genedrive system's utility in decentralised settings. The Company is also using proceeds of the fundraise to recruit additional staff in India to support the product commercialisation activities being undertaken by the Company's  distributor, Xcelris Labs Ltd. Following the year end, the Company has commenced the strategic review of its Services operations as outlined in the circular which accompanied the recent placing of ordinary shares.

David Budd, CEO of Genedrive, commented: "We are pleased to have delivered revenue of £5.0m in the year and to report solid progress during the year. Following the year end, we completed our successful £6.05m fundraising with the support of a range of new and existing shareholders which will allow us to commercialise further our Genedrive® molecular diagnostic platform and develop an expanding range of tests. We have continued the process of focussing on our diagnostic operations with the changing of the Company's name to Genedrive plc and the strategic review of our Services businesses which will continue to trade under the Epistem brand."

This announcement includes inside information.

- Ends -

For further details please contact:

Genedrive plc

David Budd: CEO                                                                                                              [phone]

John Rylands: Finance Director

Peel Hunt LLP

James Steel                                                                                                                        [phone]

Oliver Jackson

Consilium Strategic Communications

Chris Gardner                                                                                                                    [phone]

Matthew Neal

Laura Thornton

[e-mail] 

Notes to Editors

Genedrive plc is a molecular diagnostics company developing and commercialising a low cost, rapid, versatile, simple to use and robust point of need or point of care 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 test have been launched in India and a Genedrive® HCV test has been successfully assessed by the Institut Pasteur, Paris.

Genedrive plc was formerly Epistem plc and continues to provide contract research services to drug development companies under the Epistem brand name.

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

 

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