REG - Genedrive PLC - c£1.2m grant awarded

GenedriveAnnouncement

28/09/2023 12:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230928:nRSb0336Oa&default-theme=true

RNS Number : 0336O  Genedrive PLC  28 September 2023

genedrive plc

("genedrive" or the "Company")

 

Genedrive to benefit from c£1.2m grant awarded for the validation of the
Genedrive® CYP2C19 ID Kit

genedrive plc (AIM: GDR), the point of care molecular diagnostics company,
provides an update on its participation in a multi-partner grant award
("DEVOTE") from Innovate UK and the UK government Innovation Accelerator
programme which it announced on 16 June 2023.

The Development and Validation of Technology for Time Critical Genomic Testing
(DEVOTE) grant will provide 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 Company confirms it expects
to benefit from funding of approximately £1.2m, through the programme's lead
partner, the University of Manchester ("UoM") that will support the
evaluation, validation and implementation of the new Genedrive® CYP2C19 ID
Kit. DEVOTE is funded through the Innovate grant, in-kind contributions, and
other aligned funding, the vast majority of this funding will be paid directly
to the UoM to support the Company's initiatives.

The draft guidance from the UK's National Institute for Health and Care
Excellence ("NICE") Diagnostics Assessment Programme "Clopidogrel genotype
testing after ischaemic stroke or transient ischaemic attack" has recommended
that CYP2C19 genotyping should be used before clopidogrel administration in
the management of ischemic stroke patients. NICE's final report is now due in
December 2023, and the Company is working to provide final performance
specifications for the report. The work for DEVOTE will mostly contribute
towards the extended clinical performance data now required for IVDR
registration of new products in the EU.

James Cheek, Chief Executive Officer of genedrive plc, said: "The DEVOTE
programme is an incredible opportunity for us to partner once again with the
University of Manchester in developing time-critical genetic test solutions.
The grant funding allows us to avoid costs that would otherwise have been
incurred by genedrive directly and to benefit from accessing the Acute
Medicine Unit, which is paramount to our product validation under IVDR."

 

For further details please contact:

 

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

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

 Cavendish Capital Markets Ltd (Joint Broker)        +44 (0)20 7220 0500
 Geoff Nash

 Walbrook PR Ltd (Media & Investor Relations)        +44 (0)20 7933 8780 or genedrive@walbrookpr.com
                                                     (mailto:genedrive@walbrookpr.com)
 Paul McManus / Anna Dunphy                          +44 (0)7980 541 893 / +44 (0)7876 741 001

 

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

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 launched the Genedrive®
MT-RNR1 ID Kit for detecting a genetic variant to guide antibiotic use and
prevent hearing loss in babies and are currently developing a genetic test for
CYP2C19 metaboliser status, a treatment for stroke.

 

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.

 

For more information contact info@devoteprogramme.com
(mailto:info@devoteprogramme.com) .

Programme information is available at https://www.devoteprogramme.co.uk/
(https://www.devoteprogramme.co.uk/)

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCFVLFLXKLXBBX