What the company does
Genedrive has developed and is now commercialising a low-cost, rapid, versatile and simple-to-use diagnostic.
The device of the same name has a broad range of applications.
However, its HCV-ID variant, for detecting hepatitis-c, has received EU regulatory sign-off in the form of CE Certification and has been launched in Africa and the Asia Pacific region. In development is a model for tuberculosis.
In November, the company's RNR1 test for AIHL or Antibiotic Induced Hearing received a European CE mark.
So why is this interesting?
Well, the system is able to rapidly process the biologic information from plasma, sputum and buccal swabs. It is easy to use, provides unambiguous results, so doesn’t require specialist knowledge or data interpretation. The company reckons the hand-held Genedrive system is ideal for “low throughput de-centralised labs”.
Financial Position and current trading
The firm posted revenues in the half-year to December of £600,000, while losses rose to £3.3mln from £1.7mln as it continues to spend heavily on research and development.
Cash was £3.5mln at the end of December.
In February, Genedrive started testing its Antibiotic Induced Hearing (AIHL) test in hospital trials in Manchester and Liverpool.
The AIHL test identifies a condition that occurs in one in 500 people and can result in profound deafness if a baby with the genotype is given the antibiotic gentamicin. Every year 90,000 babies in the UK are treated for bacterial infections with gentamicin.
In February, the firm flagged slow commercialisation of a kit to detect hepatitis C.
A US$2mln framework agreement to supply pathogen detectors to the US Department of Defense is also shipping slower than expected.
What the boss says: David Budd, chief executive
"The Genedrive instrument has been proven to perform exceptionally well in the field as demonstrated in HCV study data and AIHL CE marking studies."
"The challenge for us remains exploiting its performance and driving revenues as we progress to our strategic goal of material revenues from our assays."
"We are very excited in the potential of AIHL, which has obtained CE marking in the period, and whilst we are cautious on meeting our short-term revenue expectations, we also remain confident in the long-term potential of the DoD and the HCV markets and are keenly focused on this important next stage of the company's evolution."
- AIHL test trialled in Manchester and Liverpool for the next 6-8 months