LONDON (Alliance News) - Genedrive PLC on Thursday reported a reduction in its interim loss, as it continues to progress its hepatitis testing product.
For the six months to the end of 2018, the molecular diagnostic company posted a GBP1.7 million pretax loss, narrowed compared to GBP2.3 million a year ago.
The loss was mainly due to continued research & development spending, amounting to GBP2.5 million from GBP2.2 million.
Revenue and other income rose to GBP1.5 million from GBP1.3 million a year prior, reflecting a shift to commercial revenue from development grant revenue, the company explained.
"We continue to execute our strategy of market entry for our hepatitis C point of need molecular test and development of both our tuberculosis and antibiotic induced hearing loss assays," Chief Executive David Budd said.
"Data from in-country hepatitis C clinical studies remains very positive and corresponding to our expectation. While the speed of registration and evaluation processes for hepatitis C was slower in the period than we expected and has had an impact on the timing of revenues, we are engaged and focussed on several country level opportunities regarding hepatitis C testing programmes which are significant."
Genedrive shares were trading 6.4% lower at 22.00 pence each Thursday morning.
Genedrive (GDR)