1 Dalmore Drive,
Scoresby, Victoria 3179 AUSTRALIA
T: +61 (0)3 9763-1287
F: +61 (0)3 9763-2817
www.generabiosystems.com
Wednesday 1 November 2017 ASX Announcement - GENERA BIOSYSTEMS LIMITED (ASX: GBI) QUARTERLY CASH FLOW & BUSINESS UPDATEGenera Biosystems Limited ('Genera') is pleased to provide an update to accompany the attached Appendix 4C Quarterly Cash Flow report for the period ended 30 September 2017.
The Company held cash at 30 September of $50k representing a net decrease of $170k during the quarter. Operating cash outflow for the quarter was $149k. At the end of the quarter the Company had $110k of available headroom under its Mezzanine Loan Facility supported by the CEO and other major shareholders which continued to be drawn upon as required.
Genera delivered a record quarter of cash receipts from customers of $435k. Receipts were up 54.3% on the previous corresponding period and 87.5% higher on the June 2017 quarter as Australian flu season infection levels experienced a significant increase versus previous years.
While the Company's order levels from its major customer for its respiratory panel test continue to remain significantly above the volumes at this time last year, they are slowing versus volumes experienced in the September quarter as the influenza season subsides.
Genera expects to receive a FY2017 ATO tax incentive rebate of approximately $500k during the month of November and with this receipt the Company is on track to deliver a positive normalised operating cash flow for the current half year period to 31 December 2017.
Genera sees considerable revenue growth opportunities going into calendar 2018 after the 1st December 2017 introduction of HPV testing as the primary screening test for the Australian National Cervical Cancer Screening Program. Alongside the materially increased HPV testing revenue opportunities, in early Q2 calendar 2018 Genera is planning the release of a Research Use Only ('RUO') version of its 8-plex Sexually Transmitted Infections (STI) panel.
Current Capital Raising and Global IVD PartneringWorking closely with its engaged US-based boutique investment bank, Genera has advanced its proposed US$8.0m capital raising program during the quarter and currently anticipates completion of this significant funding tranche shortly after its announcement of a significant partnership with a global IVD company.
Holders of all Series B Convertible Notes on issue again agreed unanimously to further extend the term of the Notes by 3 months to 31 December 2017. Richard Hannebery, Genera Chief Executive Officer commented, "We again appreciate the collegiate support of our Noteholders in supporting the current execution plan to deliver an optimal outcome for all stakeholders."
Genera continues to make strong progress in its prospective IVD partnering discussions and as disclosed previously in its Annual Report the company remains on track to announce the outcome of its well-considered process around the time of its 2017 AGM to be held on 27 November.
For further more detailed information on Genera's business activities shareholders should refer to the Review of Operations in its Annual Report released to ASX on 2 October.
The Company looks forward to providing a comprehensive update on all activities in its 27 November AGM presentation.
For further information please contact:
Mr Richard Hannebery Chief Executive Officer Genera Biosystems Limited
Telephone: +61 (0)3 9763 1287 www.generabiosystems.com.au
About Genera Biosystems : Genera Biosystems Limited ("GBI") is an Australian Securities Exchange listed molecular diagnostics company, which develops, manufactures and distributes advanced PCR molecular diagnostics tests. Genera has successfully developed two products to date, PapType® and RTI-Plex™, both of which are CE-IVD approved with several additional products in the company's development pipeline.Genera's single-well high multiplex AmpaSand® testing platform can detect up to 125 target analytes in a single-well of a reaction plate. Unlike traditional real-time PCR approaches, AmpaSand single- well multiplex tests when run on a seamlessly integrated flow cytometry and liquid handling system can provide unparalleled throughput capability and cost efficiency for high volume pathology laboratories qualitative molecular testing needs.
Genera manufactures products in its Australian Therapeutics Goods Administration certified manufacturing facility in Scoresby, Victoria, Australia.
Appendix 4C+Rule 4.7B
Quarterly report for entities subject to Listing Rule 4.7BIntroduced 31/03/00 Amended 30/09/01, 24/10/05, 17/12/10, 01/09/16
Name of entity | ||
Genera Biosystems Limited | ||
ABN | Quarter ended ("current quarter") | |
69 098 663 837 | 30 September 2017 |
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (3 months) $A'000 | |
1. | Cash flows from operating activities | 435 | 435 |
1.1 | Receipts from customers | ||
1.2 | Payments for | (194) | (194) |
(a) research and development | |||
(b) product manufacturing and operating costs | - | - | |
(c) advertising and marketing | - | - | |
(d) leased assets | - | - | |
(e) staff costs | (237) | (237) | |
(f) administration and corporate costs | (153) | (153) | |
1.3 | Dividends received (see note 3) | - | - |
1.4 | Interest received | - | - |
1.5 | Interest and other costs of finance paid | - | - |
1.6 | Income taxes paid | - | - |
1.7 | Government grants and tax incentives (R&D) | - | - |
1.8 | Other (provide details if material) | - | - |
1.9 | Net cash from / (used in) operating activities | (149) | (149) |
Cash flows from investing activities
Payments to acquire:
property, plant and equipment
(20) (20)
businesses (see item 10) - -
investments - -
Consolidated statement of cash flows
Current quarter
$A'000
Year to date (3 months)
$A'000
(d) intellectual property
(58)
(58)
(e) other non-current assets
-
-
2.2 Proceeds from disposal of:
(a) property, plant and equipment
-
-
(b) businesses (see item 10)
-
-
(c) investments
-
-
(d) intellectual property
-
-
(e) other non-current assets
-
-
2.3 Cash flows from loans to other entities
-
-
2.4 Dividends received (see note 3)
-
-
2.5 Other (provide details if material)
-
-
2.6 Net cash from / (used in) investing
(78)
(78)
activities
Cash flows from financing activities
Proceeds from issues of shares
Proceeds from issue of convertible notes
Proceeds from exercise of share options
Transaction costs related to issues of shares, convertible notes or options
Proceeds from borrowings
Repayment of borrowings
Transaction costs related to loans and borrowings
Dividends paid
Other (provide details if material)
3.10 Net cash from / (used in) financing activities
Net increase / (decrease) in cash and cash equivalents for the period
Cash and cash equivalents at beginning of quarter/year to date
Net cash from / (used in) operating activities (item 1.9 above)
Net cash from / (used in) investing activities (item 2.6 above)
Net cash from / (used in) financing activities (item 3.10 above)
220 220
(149) (149)
(78) (78)
57 57
-
-
-
-
57
-
-
-
-
-
-
-
-
57
-
-
-
-
57
57
Genera Biosystems Limited published this content on 27 November 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 27 November 2017 03:51:10 UTC.
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