2 November 2017
genedrive plc ("genedrive" or the "Company")
Update on Distribution arrangements for India / SAARC1
genedrive plc (LSE:GDR), the molecular diagnostics company, today provides an update on its distribution arrangements in India / SAARC ("the Territory").
As previously announced, commercialisation of the MTB/RIF tuberculosis tests in India has been challenging for some time. Initially genedrive encountered a specific sample preparation problem which was subsequently identified to stem from a supplier component specific to the MTB/RIF test. The corrective action had been successfully tested initially in Indian reference laboratories however we have experienced difficulties assessing the impact of this through our commercial partner Xcleris Labs Limited ("Xcelris").
The Company has now terminated its agreement with Xcelris in the Territory and will continue to review how best to address the Indian market and the broader global potential of Genedrive® in tuberculosis testing. As previously communicated the Company does not expect to generate short term revenues from the Genedrive® MTB/RIF test.
David Budd, Chief Executive Officer of genedrive plc, commented: "The termination of the contract is of course disappointing, however, the overall market dynamics of MTB/RIF have not changed since we first described the opportunity. The clinical challenges remain, and the market is large and well defined with significant potential in decentralised settings. With the benefit of additional experience acquired in the field, we believe that with some enhancement to sample collection we can introduce a product suitable for not only the Indian market, but the broader global markets into which we now have distribution channels."
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For further details please contact:
genedrive plc
David Budd: CEO +44 (0)161 989 0245
Matthew Fowler: CFO
Peel Hunt LLP
James Steel +44 (0)207 418 8900
Oliver Jackson
Consilium Strategic Communications
Chris Gardner +44 (0)203 709 5700
Matthew Neal
Laura Thornton
[email protected]
Notes to Editors
About genedrive plc
genedrive plc is a molecular diagnostics company developing and commercialising a low cost, rapid, versatile, simple to use and robust point of need molecular diagnostics platform for the diagnosis of infectious diseases and for use in patient stratification (genotyping), pathogen detection and other indications.
Further details can be found at: www.genedriveplc.com and www.genedrive.com
