Message from the CEO - May 2018

09-May-2018

Welcome to the May 2018 investor update. The last quarter has seen good progress towards achieving several important milestones that are key to Sienna’s growth strategy.

Researchers from Johns Hopkins presented the positive results of their study into Sienna’s hTERT test. The study was presented in March at the world’s leading pathology conference, the United States and Canadian Academy of Pathology (USCAP) 2018 Annual Meeting. StatLab representatives, Sienna’s US-based Commercial Manager and myself attended the meeting and were able to further engage with pathologists that were interested in our test.

That study is the basis of a peer-reviewed journal article that has been accepted by leading cytopathology journal, “Acta Cytologica”, for publication in its next issue. A number of potential customers who are evaluating hTERT have indicated that the publication of this article will provide them with additional confidence to adopt the test for routine clinical use. The publication of these results is an important milestone for Sienna, providing further validation of the clinical utility of hTERT.

The Board appointed Helen Fisher as an independent non-executive director, effective 28 March 2018. Helen’s skills, knowledge, and strong network of local and international contacts will serve Sienna well as we look to execute our growth strategies, especially those involving geographical and pipeline expansion as well as M&A opportunities.

We were also pleased to announce that the first sale of our hTERT test in Switzerland has been delivered by our distribution partner, Biosystems Switzerland. This follows a visit by Sienna to train Biosystems staff and meet with pathology laboratories to assist in optimisation and evaluation of the test.

Unfortunately, we received the disappointing news that Bostwick Laboratories has closed its doors. Bostwick was Sienna’s first and largest customer in the USA. Although the loss of revenue from this account is disappointing, in conjunction with our distributor StatLab, we are actively engaged in the sales process with a large number of potential new laboratories, some of whom have already adopted the hTERT test. We are very pleased with the pipeline of sale opportunities being pursued by StatLab and expect to see continued growth from new lab’s as well as from increased utilisation at existing lab’s resulting in the progressive recovery of the revenue lost from Bostwick.

In our recently released 4C for the quarter ended 31 March 2018, we indicated that Sienna’s R&D tax refund for 2017 is now expected to be received in the current quarter. We are pleased to announce that AusIndustry approved an Advance Finding application that allows us to include certain expenditures from foreign activities in our claim.

Progress has also been made in our R&D program to expand the clinical applications of the hTERT test to samples types beyond urine. The team has secured access to additional sample types and is currently working to finalise a research agreement with a well-respected institution to commence a formal study. More details on this agreement will be provided soon.

Thank you for your continued support of Sienna Cancer Diagnostics, we look forward to providing further updates in the coming quarter.

With kind regards

Matthew Hoskin
Chief Executive Officer



 
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