Sienna Cancer Diagnostics Enhances Distribution Footprint Via Mediwell

SDX

Melbourne-based Sienna Cancer Diagnostics Ltd (ASX: SDX), is a medical technology company with businesses and partnerships spanning across many parts of the world. Its prime platform, also a recipient of the Nobel Prize in 2009, is the detection of the biomarker telomerase, which is present in almost all kind of epithelial cancers. Telomerase is essentially known for being used by 85% of the cancers to facilitate immortal cell replication.

Recently, Sienna announced about the appointment of Mediwell Enterprise as a non-exclusive distribution partner for Singapore. The agreement assigns Mediwell the right to sell Sienna’s in-vitro diagnostic hTERT test to pathology labs and hospitals where it will be used as an adjunct to urine cytology, supporting urologists and pathologists to diagnose bladder cancer.    

The company continues to ace its geographical expansion and market presence across Asia following the last collaboration with Mirax Corporation Ltd as a distribution partner for South Korea and Shaanxi GaoYuan In Vitro Diagnostic (IVD) Reagents Co. as the company’s exclusive distribution partner for mainland China. All these regions are amongst key global markets and present a great opportunity to serve a vast number of consumers of IVD products amidst a fast-growing population.

Lately, Sienna released its financial results for the half-year ended 31st December 2018, which apparently exhibited a fair position at the beginning of 2019. The company has posted a net loss of AUD 901,323 excluding income tax for the period as compared to AUD 1,379,482 for the previous half-year ended 31st December 2017.

Yet, the company also reported a cash balance of approximately AUD 6.68 million as compared to AUD 3.56 million in the previous period. There were cash outflows from operating and investing activities at AUD 786,578 and AUD 118,398 respectively for the period, mainly resulting from payments to suppliers, employees and purchase of intangibles, property, plant and equipment. However, there were large cash inflows from financial activities at AUD 4.89 million followed by a receipt of around AUD 5.2 million in capital raised from institutional and high-end investors, as well as a rights issue offered to current shareholders.

Besides, there were no earnings per share posted for this period as compared to AUD 0.01 per share recorded for the previous half-year ended 2017.

Sienna is a publicly listed company on the Australian Stock Exchange with a market capitalisation of AUD 17.11 million. It has around 267.39 outstanding shares. With the close of trading session on February 4, 2019, SDX shares were last trading at AUD 0.064. The stock has a 52-week high of AUD 0.110 and a 52-week low of 0.048.

The company is working strategically to strengthen its clinical, scientific, and commercial partner network worldwide. It is essentially focussed on market penetration of telomerase technology platform in current IVD registered markets, global expansion, research and development to explore its products utility and a continued search for additional biomarkers.


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