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16 December 2024
EDX Medical Group
plc
AQSE:
EDX
("EDX
Medical" or the "Company")
Interim Report and Financial
Statements for
the six-month period
ended 30 September 2024
CAMBRIDGE, UK: EDX Medical Group,
plc, which develops innovative digital diagnostic products and
services for the personalised treatment for cancer, heart disease
and infectious diseases, today announces publication of its Interim
Report and Financial Statements for the six-month period
ended 30 September 2024.
Highlights:
- Launch of a range of tests for
determining hereditary risk of cancer and cardiovascular
disease.
- Company appointed as exclusive
distributors of class-leading cancer diagnostic tests in UK and
Nordic markets by Caris Life Sciences inc, Curesponse Ltd and
MirDetect GmbH.
- In-licensing of IP to support development of an advanced 5-FU
/ DPYD chemotherapy safety test.
- Admission
to the Apex Segment of AQSE Growth Market.
- Cash
balance at 30 September 2024 - £2, 308,069
Jason Holt, Chairman of EDX Medical Group plc,
commented:
"During the reporting period, EDX
Medical made further significant steps in expanding and
accelerating its capabilities to provide innovative digital
diagnostic products that can help healthcare professionals deliver
improved outcomes for patients with cancer, cardiovascular disease
and infectious diseases.
"In addition to our expanding
development programme, we successfully established new commercial
partnerships with several companies in the oncology sector,
providing our clients with exclusive access to a number of unique,
market-ready world-class tests, with exceptional clinical support.
Our commercial team in the UK and Nordic markets is expanding, in
order to launch and support these products and services.
"These new relationships complement
our own development efforts and in particular the collaboration
with Thermo Fisher EMEA Ltd, which embraces multiple underlying
projects, with an exciting European dimension. This programme is
focused on licensing exclusive rights to innovative assays with
'proof of concept' data and progressing the prototypes through a
robust development process to secure regulatory approval, ready for
international commercialisation. We are investing in personnel,
equipment and logistics to support this programme and our emerging
commercial operations.
"As we pass our second anniversary
as a listed company, we are entering into a new phase that combines
a portfolio contributing near and mid-term revenues commencing in
2025, with an expanded pipeline of global product development
opportunities. However, the market for digital diagnostic products
is in its infancy and the pace of change is rapid, therefore
accurately forecasting revenue growth in detail is challenging at
this time. The directors expect to provide further updates in this
regard in the first quarter of 2025, but we are confident that 2025
is a year of considerable potential for EDX Medical."
ENDS
Contacts:
EDX Medical Group Plc
|
|
Dr Mike Hudson
(Chief Executive Officer)
|
+44 (0)7812 345
301
|
|
|
Oberon Capital
|
|
Nick Lovering
(Corporate Adviser)
Adam Pollock
(Corporate Broking)
Mike Seabrook
(Corporate Broking)
|
+44 (0)20 3179
5300
|
|
|
IFC Advisory (Investor
Relations)
|
|
Tim
Metcalfe
|
+44 (0)20 3934
6630
|
Graham
Herring
|
|
|
|
Media House International
|
|
Ramsay
Smith
Gary
McQueen
|
+44 (0)7788
414856
ramsay@mediahouse.co.uk
+ 44 (0)7834
694609
gary@mediahouse.co.uk
|
Notes for Editors:
About EDX Medical Group plc
The EDX Medical
Group plc is listed on the Apex Segment of the AQSE
Growth Market (TIDM: EDX).
EDX Medical was founded by
Professor Sir Christopher Evans, OBE, a medical and life
sciences entrepreneur with more than 30 years of experience,
together with CEO, Dr Mike Hudson.
By translating clinical insights
into pragmatic solutions combining advanced biological and digital
technologies, EDX Medical seeks to cost effectively improve the
detection and characterisation of disease in order to personalise
treatment in a timely fashion. Early disease detection and
biologically-based personal treatment optimisation is considered to
be the most impactful way of reducing deaths and lowering the cost
of healthcare globally.
EDX Medical Group provides
doctors, hospitals and insurers/payers with access to a portfolio
of the best clinical diagnostics products and services. The Company
operates its own facilities in Cambridge and Oxford,
UK, and has a number of significant strategic partnerships
including; a product technology collaboration with Thermo Fisher
EMEA Ltd, a logistics partnership with Fedex and a distribution
agreement with Caris Life Sciences inc, each world leaders in their
respective fields.
www.edxmedical.com
INTERIM
MANAGEMENT REPORT
During
the reporting period, EDX Medical made further significant steps in
expanding and accelerating its capabilities to provide innovative
digital diagnostic products that can help healthcare professionals
deliver improved outcomes for patients with cancer, cardiovascular
disease and infectious diseases.
The
Company has focused on securing access to a portfolio of
'market-ready' world-class oncology diagnostics as top priority,
whilst simultaneously enhancing its own development
pipeline. We
successfully established new commercial partnerships with several
companies in the oncology sector, providing our clients with exclusive access
to a number of unique, market-ready world-class tests, with
exceptional clinical support, underscoring our commitment to providing our
clients with early access to existing innovative products and
services, in partnership with the following companies:
Caris
Life Sciences, a leading US-based precision medicine company with
unequalled clinical experience has appointed EDX Medical as the
exclusive UK distributor of their US-market-leading tumour
molecular profiling products and services.
Curesponse Ltd ("Curesponse"). EDX
Medical is now marketing the cResponse™ cancer assay in
the UK, Sweden, Finland, Norway and Denmark.
cResponse™ assesses how an individual patient's living tumour
tissue responds to selected medicines, providing valuable data to
assist in the identification of the most effective
treatments
Shortly
after the reporting period the Company entered into an exclusive
agreement for the UK and Nordic markets
with
mir|detect GmbH
("mir|detect") for the sale and distribution of
the M371 testicular
cancer diagnostic - a simple blood test that enables highly
accurate detection of critical biomarkers of testicular cancer in
its early stages.
Our
commercial team in the UK and Nordic markets is expanding, in order
to launch and support these products and services.
The
Company recently
welcomed Eric Vick, joining as Chief Commercial Officer to lead
commercial operations.
These
new relationships complement our own development efforts and in
particular the collaboration with Thermo Fisher EMEA Ltd, which
embraces multiple underlying projects, with an exciting European
dimension. This programme is focused on licensing exclusive rights
to innovative assays with 'proof of concept' data and progressing
the prototypes through a robust development process to secure
regulatory approval, ready for international
commercialisation.
The EDX
Medical development pipeline was also enhanced by in-licensing new
intellectual property funded by Cancer Research
UK (CRUK), from Oxford University Innovation Ltd (OUI).
This will enable EDX Medical to develop a much-improved test to
determine safety and dose management for individual patients
receiving 5-fluorouracil (5-FU), capecitabine and related
chemotherapy medications
The
Company also recently announced the launch of a range of laboratory
assays to identify inherited genes associated with an increased
risk of cancer and cardiovascular disease.
We are
investing in personnel, equipment and logistics to support this
programme and our emerging commercial operations.
As we
pass our second anniversary as a listed company, we are entering
into a new phase that combines a portfolio contributing near and
mid-term revenues commencing in 2025, with an expanded pipeline of
global product development opportunities. However, the market for digital
diagnostic products is in its infancy and the pace of change is rapid,
therefore accurately forecasting revenue growth in detail is
challenging at this time. The directors expect to provide further
updates in this regard in the first quarter of 2025, but we are
confident that 2025 is a year of considerable potential for EDX
Medical.
Financial Summary
During
the period, the majority of the Company's administrative
expenditure has related to expenses incurred in connection with
preparing the Company to be able to deliver in line with the
strategy outlined above. The loss for the six-month period was
£1,699,298 (loss in period to 30 September 2023:
£1,336,723)
Trade
and other receivables as at 30 September 2024 were £546,307
(September 2023: £531,543).
The
cash balance as at 30 September 2024 was £2,308,069 (September
2023: £1,104,801).
Trade
and other payables at 30 September 2024 were £395,054 (September
2023: £547,846 ).
Overall, at the period-end, net
assets/(liabilities) were £1,784,459 (September 2023:
(£388,000).
The
Company is now listed on the Apex segment of the AQSE Growth
Market.
Finally, as Chairman of EDX Medical Group
plc, I would like to thank my fellow Board directors, shareholders
and the teams within the Group who are working to grow our business
in 2024 and beyond.
Jason Holt
Chairman | EDX Medical Group
plc