Genedrive PLC: Overlooked Story Entering the Launch of their HepC Diagnostic Kit
Published: 15:56 15 Nov 2017 EST
- Genedrive (LON:GDR) on track to become a commercial stage, point-of-need diagnostics company
- Launch of Genedrive® Hepatitis C (HCV) test at IFCC World Lab October 2017, with commercial sales expected in the coming quarters (African markets)
- Distribution agreement signed for HCV test for Asia Pacific
- Collaboration with the US Defense Department (bio-hazard program) to generate further income (c. $1.9mln) in the current fiscal year
- Re-launch of Genedrive® MTB (tuberculosis) test is being reassessed
- Management actively engaged in the disposal of the legacy service business (preclinical research and pharmacogenomics)
- Cash position of £4.2mln as of 30 September 2017, enough to finance the ongoing business well into fiscal year 2019
- Our SOTP valuation yields an equity value of c. £24mln, over 3x current market capitalization
Executive summary
In the coming quarters we expect Genedrive to update the market on several key fronts:
- Genedrive® HCV launch trajectory, following the distribution agreement signed with Sysmex Europe
- Further distributor agreements for other territories
- Divestment of the services business (estimated value in the £1.6-4.8mln range)
- Reassessment of the commercial strategy for Genedrive® MTB test in India
- Further developments for other Genedrive® applications (bio-hazards, aquaculture, etc.)
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