Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
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 £6.0 million in the financial year ended June 30 from £5.6 million the year prior.
Genedrive shares were down 24% to 5.80 pence each on Thursday morning in London.
Revenue grew 12% to £55,000 from £49,000. Research and development costs were virtually flat at £3.9 million, while administrative costs decreased 24% to £1.4 million from £1.8 million.
However, finance costs ballooned to £757,000 from just £16,000.
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.’
Copyright 2023 Alliance News Ltd. All Rights Reserved.