leadf
logo-loader
viewGenedrive PLC

Genedrive ready to target US with coronavirus tests

Snapshot

  • Develops easy-to-use diagnostic devices
  • value has rocketed during crisis with coronavirus tests
  • Hepatitis C and neonatal deafness tests also in development
genedrive device

Quick facts: Genedrive PLC

Price: 125 GBX

AIM:GDR
Market: AIM
Market Cap: £79.14 m
Follow

What the company does

genedrive PLC (LON:GDR) is a molecular diagnostics company developing and commercialising low cost and rapid molecular diagnostics platform for the diagnosis of infectious diseases, as well as for use in patient stratification (genotyping), pathogen detection and other indications. 

It has also leveraged its 20-year experience in the sector to create coronavirus tests.

The projects have been well received by the market, with the share price zooming over 1,000% since March.

How it is doing

Early in 2021, genedrive said its coronavirus (COVID-19) testing technology will be sold in the US and Europe by partner Beckman Coulter, taking the pair’s previous collaboration agreement to the “next stage”.

The company said its 96 SARS-CoV-2 kit is ideally suited for use on Beckman’s high throughput robotic Biomek i7 instrument.

“The ready-to-go nature of the test removes many of the fluid dispensing steps required in competitor assays, increasing the overall throughput of the Biomek compared to using a liquid reagent-based test formulation,” investors were told.

The automated solution could process 1,000 PCR samples per workstation over a standard eight-hour day, requiring in the process the equivalent of just half a full-time technician.

What the boss says: David Budd, chief executive

"Rapid testing for current infection is a cornerstone to any track and trace programme, to quickly accessing current infection, to limiting infection, and to giving assurance to people concerned about their status."

“We believe the Genedrive POC solution can contribute significantly to the ongoing management of this global health crisis."

Video

Inflexion points 

  • Collaboration with Beckman Coulter Life Sciences
  • Rapid test launched next year
  • Commercialisation of baby deafness test

What the broker says

House broker Peel Hunt noted the new test will allow for immediate diagnosis whilst the test subject is present.

"Genedrive add that the current POC test reads out a positive sample in circa 15 minutes (and a fully negative result achieved in circa 20 minutes) with the limit of detection being in line with the UK’s MHRA Target Product Profile sensitivity requirements (over 98%, we understand)," analysts commented.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Genedrive PLC named herein, including the promotion by the Company of Genedrive PLC in any Content on the Site, the Company receives from said...

FOR OUR FULL DISCLAIMER CLICK HERE

Market Report: British economy in focus on Budget Day 2021

The Market Report with Katie Pilbeam. FTSE 100 opened in the green ahead one of the most keenly anticipated Budget announcements in decades. London’s leading index rose 81 points to 6,695 in early trading.   Chancellor Rishi Sunak is expected to allocate £10bn to extend the furlough...

4 days, 20 hours ago

2 min read