LONDON (Alliance News) - Epistem Holdings PLC widens losses as delays in the completed development of its Genedrive product effected out turn and expectations in the full-year ended June 30.
The biotechnology and medicine company posted revenues of GBP5.4 million, down from GBP5.6 million in the previous year. Pretax losses were GBP1.5 million, widened from GBP726,000 in the previous year as it made high levels of investment in its Genedrive and Novel Therapies programmes.
The company said that its key priority was to gain approval for its Genedrive treatment, which was due to be launched during the year but was delayed by technical and manufacturing issues. Epistem failed to meet the milestones and timescale it agreed with its partner Becton Dickinson, meaning its agreement with the company was terminated.
Genedrive is a molecular diagnostic technology. The company says it is finalising the technical development and scale up of the technology read to begin its first application in the diagnosis of Tuberculosis. The company now expects to launch the product to market in the second half of 2014, however it warned that it will require further investments in resources and infrastructure to support future partnerships.
Shares in Epistem were trading up 2.7% at 331.20 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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