Genedrive close to hitting the market with coronavirus tests
Last updated: 08:08 19 Feb 2024 GMT, First published: 10:54 03 Feb 2021 GMT
Snapshot
- Genedrive eyes funding in aim of NHS recommendation
- Are small-cap biotech stocks good investments now?
- Genedrive’s inclusion in a Public Health England framework pact positive for future revenues, says broker
- Genedrive target US and Europe with Beckman Coulter for Covid-19 testing technology
About the company
genedrive PLC is a molecular diagnostics company developing and commercialising a low cost, rapid, versatile, simple to use and robust point of need molecular diagnostics platform for the diagnosis of infectious diseases and for use in patient stratification (genotyping), pathogen detection and other indications.
The company has assays on market for the detection of HCV, certain military biological targets, and has tests in development for tuberculosis (mTB).
genedrive has also released a high throughput SARS-CoV-2 assay.
How it is doing
Genedrive PLC has said it is applying for funding in a bid to gain NHS recommendation for the company’s antibiotic-linked hearing loss tests.
Updating on Monday, Genedrive said an application was in the process of being submitted for funding to help the firm gain a full, rather than conditional, recommendation for its MT-RNR1 ID kits.
These are used to screen infants for certain genetics which can be linked with long-term hearing loss if the wrong antibiotics are prescribed.
Genedrive said the application was being submitted as the NICE Early Value Assessment (EVA) scheme used to fast-track medical innovation.
Shares in genedrive PLC soared over 27% on Wednesday morning after the company announced a host of international orders for its antibiotic induced hearing loss test.
Orders have been received from France, Austria, Greece, Saudi Arabia, Turkey and the Netherlands for the MT-RNR1 test, genedrive announced, following recent commercial distribution agreements.
genedrive PLC (AIM:GDR), a British molecular diagnostics company, saw its shares plunge on Wednesday after its full-year loss widened.
The company reported an annual loss of £5.2 million in the fiscal year ending 30 June 2023, slightly higher than the previous year’s loss of £4.7 million, though yearly spending on research and development stayed at £3.9 million.
Insight: Are small-cap biotech stocks good investments now?
Lockdown has seen a long-overdue revival in the fortunes of and interest in the UK’s innovative small-cap life sciences companies with some eye-catching movements.
Genedrive PLC (LON:GDR), HemoGenyx Pharmaceuticals PLC (LON:HEMO), Omega Diagnostics Group PLC (LON:ODX) and OKYO Pharma Ltd (LON:OKYO) stand out with rises of between 600% and 1,100% over that 20-week period.
What the brokers say
Genedrive PLC’s (LON:GDR) inclusion in a Public Health England framework agreement for diagnostic equipment and services is very positive, said Peel Hunt analysts in a broker note.
“Whilst this is an early indication on future, potential contracts, we consider it a very positive development towards future revenues,” the broker said, retaining its ‘buy’ recommendation.
The framework allows Public Health England, as the sole buyer, to issue call-off orders for products and services for an estimated four-year period, up to a combined value of £3bn, it noted, although it added that about 112 suppliers had been successful.
What management says
Genedrive PLC (LON:GDR) CEO David Budd joins Proactive London's Katie Pilbeam to discuss their strong momentum and latest collaboration.
genedrive and Beckman Coulter have accelerated their relationship as the duo are to target the US and Europe with their coronavirus testing technology.
The agreement allows the American biomedical company to sell and distribute genedrive's COVID-19 PCR test, the 96 SARS-CoV-2 kit which is ideally suited for use on Beckman’s high throughput robotic Biomek i7 instrument.
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