14th May 2018 18:07
LONDON (Alliance News) - Genedrive PLC said Monday it proposed the disposal of the its contract research and pharmacogenomics divisions for up to GBP1.9 million in cash to biotechnology company Epistem 2 Ltd.
The near patient molecular diagnostics company decided to sell the two divisions to "focus fully on the near patient molecular diagnostic market", Chief Executive Officer David Budd said.
Depending on shareholders' approval at Genedrive's annual general meeting on June 4, the units will be sold to Epistem 2, in which Catherine Booth, managing director of Genedrive is a director and material shareholder.
"The disposal of the service business is in line with our stated strategy to focus fully on the near patient molecular diagnostic market and will provide additional cash to continue to drive the Genedrive® platform forward," said Chief Executive Officer David Budd.
"Our diagnostics operations are well positioned having established distribution agreements for our HCV ID kit in a number of major markets, and we have commenced commercial sales to our distributors. We believe Genedrive can play an important role in the diagnosis and management of HCV in territories where access to centralised laboratories is limited," Budd added.
Shares in Genedrive closed at 36.00 pence, down 4%.
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