REG - Genedrive PLC - Additional grant funding under DEVOTE programme

GenedriveAnnouncement

02/04/2025 07:04

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RNS Number : 2449D  Genedrive PLC  02 April 2025

genedrive plc

("genedrive" or the "Company")

 

Genedrive awarded additional grant funding under the DEVOTE programme

 

genedrive plc (AIM: GDR), the point of care pharmacogenetic testing company,
announces the extension of the highly successful multi-partner grant award
from Innovate UK and the UK Government's Innovation Accelerator programme.

 

The Development and Validation of Technology for Time Critical Genomic Testing
("DEVOTE") grant, saw the Company benefit from approximately £1.2m through a
combination of direct grant income, in-kind partner contributions, and other
aligned funding.  The DEVOTE programme provided the Company with acute care
patient access and supporting infrastructure to assess the real-world clinical
performance of time-critical clinical tests in NHS settings.  The programme's
lead partner, the University of Manchester ("UoM"), has supported the
evaluation, validation, and implementation of the Genedrive® CYP2C19 ID Kit.

 

During the DEVOTE programme the Company completed validation and UKCA
certification of the Genedrive® CYP2C19-ID Kit, which was subsequently
published in the Journal of Molecular Diagnostics in December 2024 and
recommended in final guidance from the UK's National Institute for Health and
Care Excellence ("NICE") as the rapid genetics platform of choice for use in
the NHS for Clopidogrel genotyping after Ischaemic or Transient Ischaemic
Attack.

 

The significant success of the DEVOTE programme has led to follow-on Innovate
UK Innovation Accelerator funding to further progress the DEVOTE project, of
which the Company will receive £0.2m directly over the next six months for
continuation of implementation of user-led product enhancements which are
expected to further improve user experiences in rapid genetic testing
environments.

 

Gino Miele, Chief Executive Officer of genedrive plc, said: "The DEVOTE
programme has been an incredible success and follow-on funding provides a
further opportunity for us to partner once again with the University of
Manchester in continuing development of time-critical genetic test
solutions.  The additional non-dilutive grant funding facilitates the
mitigation of development costs that would otherwise have been absorbed by the
Company."

 

For further details please contact:

 

 genedrive plc                                     +44 (0)161 989 0245
 Gino Miele: CEO / Russ Shaw: CFO

 Peel Hunt LLP (Nominated Adviser and Broker)      +44 (0)20 7418 8900
 James Steel

 Walbrook PR Ltd (Media & Investor Relations)      +44 (0)20 7933 8780 or genedrive@walbrookpr.com
                                                   (mailto:genedrive@walbrookpr.com)
 Anna Dunphy                                       +44 (0)7876 741 001

 

About genedrive plc (http://www.genedriveplc.com (http://www.genedriveplc.com)
)

 

genedrive plc is a pharmacogenetic testing company developing and
commercialising a low cost, rapid, versatile and simple to use point of need
pharmacogenetic platform for the diagnosis of genetic variants. This helps
clinicians to quickly access key genetic information that will aid them make
the right choices over the right medicine or dosage to use for an effective
treatment, particularly important in time-critical emergency care healthcare
paradigms. Based in the UK, the Company is at the forefront of Point of Care
pharmacogenetic testing in emergency healthcare. Pharmacogenetics informs on
how your individual genetics impact a medicines ability to work for you.
Therefore, by using pharmacogenetics, medicine choices can be personalised,
made safer and more effective. The Company has launched its two flagship
products, the Genedrive® MT-RNR1 ID Kit and the Genedrive® CYP2C19 ID Kit,
both developed and validated in collaboration with NHS partners and deployed
on its point of care thermocycler platform. Both tests are single-use
disposable cartridges which are ambient temperature stable, circumventing the
requirement for cold chain logistics. The Directors believe the Genedrive®
MT-RNR1 ID Kit is a worlds-first and allows clinicians to make a decision on
antibiotic use in neonatal intensive care units within 26 minutes, ensuring
vital care is delivered, avoiding adverse effects potentially otherwise
encountered and with no negative impact on the patient care pathway. Its
CYP2C19 ID Kit which has no comparably positioned competitor currently allows
clinicians to make a decision on the use of Clopidogrel in stroke patients in
70 minutes, ensuring that patients who are unlikely to benefit from or suffer
adverse effects from Clopidogrel receive an alternative antiplatelet
therapeutic in a timely manner, ultimately improving outcomes. Both tests have
undergone review by the National Institute for Health and Care Clinical
Excellence ("NICE") and have been recommended for use in the UK NHS.  The
Company has a clear commercial strategy focused on accelerating growth through
maximising in-market sales, geographic and portfolio expansion and strategic
M&A, and operates out of its facilities in Manchester.

 

About DEVOTE

 

The Development and Validation of Technology for Time Critical Genomic Testing
(DEVOTE) Programme is a collaboration between academics, clinicians, and
industry partners. It aims to accelerate the adoption of genomic technology
into clinical practice by supporting companies through each aspect of the
translational pathway.

Programme information is available at:

 

https://gmbusinessboard.com/news/innovation-accelerator-programme-extended-to-boost-growth-across-the-uk
(https://gmbusinessboard.com/news/innovation-accelerator-programme-extended-to-boost-growth-across-the-uk)

 

 

 

 

 

 

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