Genedrive PLC’s (LON:GDR) shares surged on Tuesday as the company achieved “high clinical accuracy” in a recent trial of its screening test designed to reduce the risk of antibiotic-induced hearing loss in infants.
The diagnostics firm said the test had achieved a diagnostic sensitivity of 100% and a specificity of 100% across 303 samples and was unaffected by common bacteria and interfering substances that may be found in a patient.
WATCH: Genedrive's David Budd hails CE mark for its infant hearing loss test
Genedrive’s kit is designed to be used in critical care settings to screen babies for a genetic mutation, MT-RNR1, which if present, can cause lifelong deafness if they are prescribed with the antibiotic gentamicin.
In a statement, David Budd, the company’s chief executive, said the next step for the test will be an implementation study at hospitals in Manchester and Liverpool, with the goal being “not only to replicate the analytical performance outcomes but also to ensure the test can be implemented in an NHS environment”.
He noted that the firm will also be looking to establish commercial opportunities for the test across parts of the EU following the award of a European standard CE marking last month.
The group's house broker Peel Hunt retained their 'buy' rating and 42p target price, saying the news was "a positive development for the Genedrive platform".
In early trading, the shares jumped 14% to 24.5p.
--Adds broker comment and share price--