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(Alliance News) - Genedrive PLC on Thursday reported a widened loss but said it remains focused on investing in product development, focusing on maximising the benefits of its platform.
The Manchester-based molecular diagnostics company said pretax loss widened to GBP6.0 million in the financial year ended June 30 from GBP5.6 million the year prior.
Genedrive shares were down 24% to 5.80 pence each on Thursday morning in London.
Revenue grew 12% to GBP55,000 from GBP49,000. Research and development costs were virtually flat at GBP3.9 million, while administrative costs decreased 24% to GBP1.4 million from GBP1.8 million.
However, finance costs ballooned to GBP757,000 from just GBP16,000.
Looking ahead, Chief Executive Officer James Cheek said: "Our focus remains on pharmacogenetic testing as we continue to invest in product development focusing on maximising the benefits of our continually advancing Genedrive platform, characterised by its compactness, user-friendliness, rapid results, precision, and cost-effectiveness, qualities that makes it well-suited for extensive adoption."
By Tom Budszus, Alliance News slot editor
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