Genomic Vision hunting for cash after failing to sell its DNA analysis platform

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The drop in sales followed a 29% increase over the first quarter. (Benbria)

Parisian molecular diagnostic test developer Genomic Vision announced it is taking steps to obtain additional financing after failing to sell its DNA analysis and cancer detection platforms during the second quarter.

“This delay in activity related to platform sale will affect all the company’s operating results for the first half of 2018, as well as its cash position,” Genomic Vision said in a statement, describing “uncertainties regarding its financial visibility until the end of the third quarter of 2018.”

The disappointing news ran contrary to the company’s expectations, it said, following a 29% increase in product sales and services over the first three months of the year.

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In March, for example, Quest Diagnostics once again re-upped its relationship with Genomic Vision after seven years to apply the company’s DNA-combing technology to spinal muscular atrophy carrier screening.

RELATED: Quest, Genomic Vision extend SMA screening R&D program

Last year, Quest and Genomic Vision presented data suggesting molecular combing techniques could help visualize DNA strands and discern when a person has two copies of the SMA-associated SMN1 gene on one chromosome and none on the other, a limitation of today’s tests.

The company plans to publish its financial results for the first half of this year July 25, before the opening of the Euronext stock exchange. Following the news, Genomic Vision’s share price dropped 38%, down to €1.08 ($1.26).

RELATED: Genomic Vision eyes a big 2015 for molecular combing technology

Until a new source of funding is procured, Genomic Vision said it can use a flexible financing line of €1,000,000 from bonds that can be converted into shares.