- BARD1 Life Sciences (BD1) advances sales, business development and commercialisation activities over the June quarter
- BD1 experienced increased demand for its hTERT ICC test, pocketing $184,000 in cash receipts compared with $42,000 in the March quarter
- The company also launched its EXO-NET product, reported positive feedback from its research partners regarding the tech's speed, purity and yield
- BARD1 ended the June period with a cash balance of $5 million
- Shares closed down 5.80 per cent to $1.38 each
BARD1 Life Sciences (BD1) has reported advances across its sales, business development and commercialisation activities over the June quarter.
hTERT attracts increased revenue in Q4
Notably, the company experienced a rise in demand for its hTERT ICC test, which works to detect potential biomarkers for cancer in urine samples.
BD1 said revenues for the 2021 financial year had grown by almost 30 per cent over the quarter, compared to the 2020 financial year.
Accordingly, the company pocketed $184,000 in cash receipts for the period, up from $42,000 in the March quarter.
The company attributes the upwards trend to a recovery in the United States' "routine" pathology market following the onset of COVID-19, and the onboarding of new laboratories in the US as well as a South Korean distributor.
Discussions with distributors in Greece, Sweden and Israel are under way.
The fourth quarter also heralded the launch of BD1's research-use-only EXO-NET technology.
The product works to isolate exosomes — a specific type of tiny particle released by most cells, including cancer cells, into bodily fluids that can be used to diagnose and treat diseases such as cancer.
BARD1 presented EXO-NET at the virtual International Society for Extracellular Vesicles in May and is signed on as a platinum sponsor of the Australia & New Zealand Society for Extracellular Vesicles on the Gold Coast in November.
BD1 continues to evaluate the product in partnership with leading research institutes in Australia and overseas.
To date, feedback on the tech's speed, purity and yield advantages has reportedly been positive, foreshadowing its future use in exosome research applications.
Meanwhile, BD1 used the fourth quarter to progress feasibility studies for the development of its SubB2M blood tests for breast and ovarian cancers, with a new breast cancer test manuscript submitted for publication.
Further, the company filed two new patent applications protecting EXO-NET and SubB2M, and was granted two patents covering its antibody tests in the US and South Korea.
Finally, the June period saw BD1 accept a research and development refund to the tune of $644,000 for the prior fiscal year.
The company ended the period with a cash balance of $5 million.
Shares closed 6.1 per cent lower at $1.38 each.