By Iain Gilbert
Date: Friday 16 Nov 2018
LONDON (ShareCast) - (Sharecast News) - Molecular diagnostics specialist Genedrive plans to raise cash to support development of its hepatitis C tool after annual losses widened a touch despite an uptick in revenue and other income.
Revenue and other income picked up 34% to £2.6m, partly due to the disposal of the group's services division back in June, but losses still widened 6% to £7m.
Genedrive's losses were mainly a result of a doubling of financing costs to £400,000. Losses per share also widened to 37.6p from the 35.7p recorded a year earlier.
Chief executive David Budd said: "Progress during the year has been positive. We have the first to market point-of-need molecular test for HCV and we are well positioned in what is significant market where many millions of people are affected in low- and middle-income countries but diagnosis rates are low."
In a separate announcement, Genedrive revealed its intentions to raise £6m by way of a conditional placing of 15.21m new ordinary shares at a price of 23p each - the same as its closing price on 15 November.
The group will also issue £2.5m in unsecured convertible loan notes to BGF fund the launch of the Genedrive's HCV-ID Kit for hepatitis C diagnosis and support projects to enhance the gross margin for this assay.
As of 0840 GMT, Genedrive shares had climbed 3.65% to 23.84p.
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Currency | UK Pounds |
Share Price | 1.83p |
Change Today | -0.17p |
% Change | -8.66 % |
52 Week High | 22.25 |
52 Week Low | 1.80 |
Volume | 3,823,893 |
Shares Issued | 154.32m |
Market Cap | £2.82m |
RiskGrade | 747 |
Value |
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Price Trend |
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Income |
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Growth |
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No dividends found |
Time | Volume / Share Price |
17:07 | 10,000 @ 1.83p |
16:25 | 125,000 @ 1.81p |
16:17 | 20,999 @ 1.81p |
15:59 | 10,198 @ 1.84p |
15:02 | 235 @ 1.84p |
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