DIAGNOSTICS firm Epistem Holdings announced yesterday that a trial of its drug for tuberculosis, Genedrive, was successfully completed in India.
The good news was mitigated by mixed annual results for the year to June that were also released yesterday, showing widening losses that increased to £2.3m from £1.5m in 2013, despite an increase in revenue from £5.4m to £5.8m over the same period.
In the coming year, the company said it remained committed to the launch and sale of its Genedrive product in India, which was currently subject to regulatory approval. Chairman David Evans also announced that he would be stepping down upon the successful launch of Genedrive, after 10 years at the company.
“I believe that Genedrive offers a strategically important and disruptive industry technology capable of changing the way diagnostics are delivered,” he said.
“I also believe that this technology will deliver significant investor returns to our shareholders.
“This has been a considered decision on my part and a worthy successor has been identified and an announcement will be made in due course,” he added.
Epistem’s shares closed flat at 287.5p.