Genedrive costs push Epistem into the red

DIAGNOSTICS firm Epistem will post a loss for the year to the end of June due to the cost of preparing for the launch of its Genedrive device.

In a pre-close statement the Manchester company said it expected a loss before interest, tax, depreciation and amortisation of £2.5m. Net cash at June 30 was £4.2m.

Genedrive is a handheld device which uses molecular diagnostics to quickly test for a range of conditions.

Epistem had a number of technical setbacks with the device last year which led to the termination of a deal with US manufacturer Becton Dickinson to make and distribute a test for tuberculosis using the Genedrive.

Since then the company believes it has made “significant progress” towards finalising the unit and is now moving from the development phase into final manufacture.