(Alliance News - Genedrive PLC on Friday said its loss widened during its most recent financial year, as its expenses ramped up.
The Manchester-based point of care pharmacogenetic testing company said the pretax loss for its financial year that ended June 30 widened to £7.8 million from £6.0 million the year before.
This was due primarily to finance costs multiplying to £2.5 million from £787,000 last year. Research & development costs were up 7.4% to £4.2 million from £3.9 million, and administrative expenses rose 13% to £1.6 million from £1.4 million, due to increased employment costs.
Revenue multiplied to £501,000 from £55,000 last year.
Genedrive also last week announced a funding award to its clinical partners from the National Institute for Health & Care Research, in collaboration with the UK government Office for Life Sciences. This funding will address the evidence generation requirements of the National Institute for Health & Care Excellence’s early value assessment for the Genedrive MT-RNR1 ID kit.
Genedrive expects to receive around £500,000 in revenue from the programme.
Chief Executive Officer Gino Miele said: ‘Our AIHL and CYP2C19 interventional tests are at the forefront of the emerging realisation of pharmacogenetic testing at the point of care, enabling better health outcomes and improved safety for patients, whilst offering significant health economic benefits to global healthcare systems.
‘We made significant progress during the year and our near-term focus is executing on our commercial growth strategy, by navigating the reimbursement complexities of the NHS and other countries, expanding the number of sites using our tests in the UK and making targeted efforts to initiate in-country live sites in our prioritised international markets.’
Genedrive also this month noted its feature in the UK Government Department for Business & Trade publication ’UK Genomics Spotlight: Celebrating success and looking ahead’. The document aimed to highlight the export potential of UK companies, as well as the investment potential across the wider NHS infrastructure.
Shares in Genedrive were down 2.1% at 2.20 pence each in London on Friday morning.
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