REG - Genedrive PLC - Receipt of R&D tax credit

GenedriveAnnouncement

15/03/2024 12:45

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RNS Number : 0888H  Genedrive PLC  15 March 2024

genedrive plc

("genedrive" or the "Company")

 

Receipt of R&D tax credit

Notice of interim results

 

genedrive plc (AIM: GDR), the point of care pharmacogenetic testing company,
today confirms it has received an R&D tax credit of c£0.8m following
which its unaudited cash balances stand at £1.2m.

 

As confirmed in the Company's audited final results issued on 30 November 2023
the Board continues to assess the Group's requirements and a range of funding
options that would bridge the gap before revenue generation allows genedrive
to be self-sufficient and the Board is planning to seek to raise further
equity in the coming weeks in order to provide a longer term financing
solution for the Company's plans which include further driving sales of its
two tests in approved markets and also seeking a Food and Drug Administration
(FDA) approval for its AIHL test in the US market which is be expected to be a
significant source of future revenues.  The Company expects to be able to
announce further details supporting this plan before long.

 

The Company will also announce its interim results for the six months ended 31
December 2023 on 28 March 2024.

 

For further details please contact:

 

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

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

 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, simple to
use and robust point of need pharmacogenetic platform for the diagnosis of
genetic variations. This helps clinicians to quickly access key genetic
information that will help them make the right choices over the right medicine
or dosage to use for an effective treatment. Based in the UK, the Company is
at the forefront of work on Point of Care pharmacogenetics. Pharmacogenetics
looks at how your genetics impacts a medicines ability to work for you.
Therefore, by using pharmacogenetics, medicines can be made safer and more
effective. The Company has launched its flagship product, the Genedrive®
MT-RNR1 ID Kit, which is a single-use disposable cartridge which circumvents
the requirement for cold chain logistics by providing temperature stable
reagent test kits for use on their proprietary test platform. This test allows
clinicians to make a decision on antibiotic use within 26 minutes, ensuring
vital care is delivered with no negative impact on the patient pathway.

 

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.

 

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