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31 Mar 2023 20:33
IN BRIEF: Genedrive sees acceleration of revenue in 2023
Genedrive PLC - Manchester, England-based point-of-care molecular diagnostics company - Reports revenue in the six months to December 31 of GBP20,000 compared to nothing a year prior, and an operating loss of GBP2.7 million from GBP2.8 million. Confident that the company will see an acceleration of revenues through 2023 and going forwards. Agrees GBP5 million equity prepayment facility with Riverfort Global Opportunities PCC Ltd with an initial drawn amount of GBP2 million, expected to be received in early April. Proceeds will be used towards the commercialisation of the antibiotic induced hearing loss test, Genedrive MT-RNR1 ID Kit and enhancing the Genedrive platform as well as providing additional working capital. Directors believe the facility is the best option available at present.
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