LONDON (Alliance News) - Epistem Holdings PLC said Tuesday it expects its loss before interest, tax, depreciation and amortisation to be around GBP2.4 million for the year to end-June, as it prepares to launch its first product, Genedrive.
The biotechnology company said its income over the full year has remained solid and broadly in line with expectations. It had net cash of GBP4.2 million as the June 30.
Epistem entered into a collaborative funding agreement with the Global Health Investment Fund I LLC to support the roll-out of Genedrive, which is a molecular diagnostic technology to test for diseases.
The company said it has issued a five-year convertible bond worth a total of USD8.0 million. It will use the proceeds of the bond to further develop, produce and commercialise Genedrive devices and to expand the assortment of tests for diagnosis available on the device.
Epistem has agreed to make the platform available in developing countries under a pricing that meets the needs of poor patients in low and middle income countries. Both the Genedrive device and a test for tuberculosis using the device are being prepared for launched later in the year. It is currently undergoing clinical studies in five countries.
Epistem will announce its final results October 28.
Shares in Epistem were trading down 2.3% at 320.00 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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