LONDON (ShareCast) - (Sharecast News) - Molecular diagnostics company Genedrive said it was applying £2m of additional non-dilutive grant funding to progress key development programmes, as it provided investors with a trading update for the year ended 30 June.
As expected, Genedrive's diagnostic related revenue dropped 26.9% to £1.9m due to the completion of its US Department of Defence development contract.

The AIM-listed firm closed the period with £3.5m cash, a 23.9% reduction since the beginning of the year.

Genedrive made its first commercial shipments of its Genedrive HCV ID Kit in February and has made progress in its applications for registration and import licenses in approximately 30 countries.

The group was awarded over £2m of grants during the year, including £600,000 as part of a multi-partner grant award for development and implementation of Genedrive in an NHS setting.

David Budd, Genedrive's chief executive, said, "We are applying the £2m of additional non-dilutive grant funding to progress our development work for our HCV and mTB products which are core to our strategy."

"With the disposal of the services business in June, we have delivered on our stated strategy and Genedrive is now a fully focused and growing diagnostics business exploiting the opportunities of decentralised molecular diagnostics," added Budd.

As of 0840 BST, Genedrive shares had gained 1.72% to 29.50p.

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