On 17 January 2019, the Board of Genera Biosystems Limited (ASX: GBI) announced that the company has been granted $438,087 R&D Tax Incentive rebate by Australian Taxation Authority for 2018 financial year, which includes an amount payable that was netted off by the ATO on the Company’s integrated tax portal account. The cash rebate program provides cash refunds for 43.5% of eligible Research & Development activities for the Australian companies.
Genera Biosystems is a spin-out of Australia’s oldest medical research institute, Walter and Eliza Hall Institute of Medical Research. The company is an Australian molecular diagnostics company, which develops globally competitive and innovative PCR molecular diagnostics tests.
Genera’s flagship AmpaSand® testing platform can detect up to 125 target analytes in a single-well of a reaction plate. Unlike traditional real-time PCR methods, AmpaSand® tests run on a cohesive flow cytometry and liquid handling mechanism that offers cost efficiency to pathologists and labs molecular testing operations. AmpaSand® beads are utilized in CE-IVD approved PapType® and RTIplex™ MDx tests.
PapType® detects 14 high-risk HPV and two low risk HPV types in a single-well. RTIplex™ detects 15 common upper respiratory tract pathogens and ten other viral and three bacterial disease-causing microbial targets.
Genera is expected to develop a new 8-plex sexually transmitted infections panel by 1H2019. The company intends to expand the AmpaSand® test range further to 6 highly competitive single-well multiplex MDx assays by year end.
Genera reported an 11% increase in the annual revenue to $0.89 million as compared to $0.80million in the previous year driven by higher sales of the respiratory panel. The slowdown in revenue growth was due to a less severe flu season of the year. The company recorded a Net Profit After Tax of $4.48 million in FY18 as compared to $3.82 millionin FY17. Total operating expenses of the company increased to $5.79 million majorly due to a 22.2% increase in finance expenses. The company reported higher operating cash outflow of $1.17 million due to increased payments to employees and vendors and a lower R&D cash rebate of $421,787 as compared to $722,358 in the previous year.
Net Liabilities of the company stood at $2.93 million due to the increased financial debt of convertible notes and mezzanine loan. The current assets of the company dipped from $0.61 million in FY18 to $0.59 million in FY17. With the May 2018 announcement of the Beckman Coulter Distribution Agreement the company looked well positioned to undertake a material restructure and recapitalization of its balance sheet. Given this, the Company decided not to extend the outstanding Series B Convertible Notes or the subordinated mezzanine loan facility beyond 30 June 2018.
On 30 November 2018, Genera announced the resignation of David Simons, company’s non-executive director.The shares of Genera Biosystems are in suspended status with last traded price as A$0.160 with 110.06 million outstanding shares as on 28 June 2018.
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