- Developed and easy-to-use diagnostic device
- US Department of Defense is a customer
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.
So why is the 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
For the 12 months ended 30 June, revenue rose to £2.4mln (2018: £1.9mln), broadly in line with forecasts. At £5.2mln, cash was ahead of expectations (2018: £5.8mln).
“The commercialisation of our HCV ID kit is progressing more slowly than we would have hoped,” said chief executive David Budd.
“However, we continue to progress WHO pre-qualified status and the registration of the product in our target countries and so reasonably expect an upturn in demand in the future.
- It won its first order from the US Department of Defense (DoD) and it expects more work from the Americans
- The HCV ID kit is under review by the World Health Organisation for ‘pre-qualified status’
- Registrations of the hepatis device is now running at 12 countries
- Genedrive’s development of an antibiotic-induced hearing loss test with the NHS is ahead of schedule, with in-hospital trials expected to begin in the autumn after CE marking requirements.
What the broker says
The company’s broker Peel Hunt reckons the stock is worth 60p (current price 18.5p).
“Genedrive is clearly benefiting from the strength of its platform as shown by multiple orders from the DoD and several research grants spread over several years,” analyst Miles Dixon said.