Distribution update for India

RNS Number : 3351V

Genedrive PLC

02 November 2017

 

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                                                                                                              [phone]

Matthew Fowler: CFO

Peel Hunt LLP

James Steel                                                                                                                       [phone]

Oliver Jackson

Consilium Strategic Communications

Chris Gardner                                                                                                                    [phone]

Matthew Neal

Laura Thornton

[e-mail] 

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 

 

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¹  South Asian Association for Regional Cooperation - which for the purposes of the contract means India, Bangladesh, Sri Lanka, Nepal, Pakistan, Myanmar, Bhutan, Maldives and Afghanistan

 

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