Genedrive -On Track to Launch the First CE-market Decentralised HCV Test
Genedrive PLC (LON: GDR) issued a trading update for the six months to December 2017 that revealed no surprises.
Focus remains on the preparation of the upcoming launch of their HCV test, in partnership with Sysmex following two distributions agreements for the EMEA and Asia-Pacific territories.
A recent field study conducted in South Africa revealed that Genedrive® HCV test had the same specificity and sensitivity as the reference Abbott MC2000 HCV test. At the same time it revealed an excellent efficiency, with 95.4% of results achieved at first attempt.
We remain confident that the disposal of the Services business could be finalized in the coming quarters, although the length of the process suggests to us that the value of the transaction is unlikely to exceed the £2mln mark.
Given the expected cash burn and the cash position as of December 2017, we'd consider likely a capital raise over the next twelve months. However current market capitalization of c. £5.6 mln suggests that this is widely anticipated by investors.
The launch of Genedrive® HCV test and the potential disposal of the Services division shall provide support to the stock price in the months ahead.
Genedrive is a holding company. Through its subsidiaries, Co. is a molecular diagnostics business developing and commercializing a point of care diagnostics platform for the diagnosis of infectious diseases and for use in patient stratification (genotyping), pathogen detection and other indications. Co.'s Genedrive® is a patented small polymerase chain reaction platform which enables rapid nucleic acid amplification and detection from various sample types, including plasma, sputum and buccal swabs. Co. also provides contract research services to drug development companies under the Epistem brand name.
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