Outlook bright for Epistem despite losses

MANCHESTER biotech company Epistem has issued an optimistic forecast, despite reporting an after tax loss of £1.9m and a £700,000 fall in venues £2.2m.

The company is pinning its hopes on its development in Genedrive, its first molecular diagnostic product test for Tuberculosis.

Preparations for the launch of Genedrive in India underpinned increased levels of investment giving rise to an after tax loss of £1.9m.

Optimism stems from the company’s £6.6m in cash reserves and advanced discussions with the Indian regulator over the introduction of Genedrive.

A statement issued on behalf of chief executive Matthew Wells and chairman David Evans said: “We report an increased operating loss arising from a weakened first half revenue performance from our preclinical and personalised Medicine business, alongside increasing investment in our Genedrive molecular diagnostic device as we prepare to in India.

“We anticipate improved revenues in the second half of the year. Following the successful completion of Indian TB clinical studies at the end of last year, the process of regulatory approval has taken longer than expected, partly due to the request for additional analytical information in support of the regulatory submission.

“ Despite these delays, we are confident that discussions with the Indian regulator are now well advanced.”

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