Shares of molecular diagnostics company, Genedrive plc (LON: GDR) jumped over 20% on Wednesday after it said the first shipments of its Genedrive 96 SARS-CoV-2 Kits have been made to the United States.
The announcement comes following its distribution deal with Beckman Coulter Life Sciences with Genedrive completing its commercial and technical training with the company’s sales representatives and has now shipped the first batch of kits to the USA.
“This shipment will allow Beckman Coulter to commence initial sales activities and prepare the market for wider commercial rollout. This shipment coincides with the formal launch of the Genedrive® 96 SARS-CoV-2 Kit by Beckman Coulter today,” Genedrive stated.
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David Budd, CEO of Genedrive, said: “We are very optimistic about the US market for Covid PCR testing and it has market drivers that are favorable to the adoption of the genedrive assay: efficiency, ease of use, automation friendly, and scalability.”
Genedrive’s stock price is currently priced at 152p, up 16.92%.
Should you invest in Genedrive shares? Genedrive shares are traded on the AIM market of the London stock exchange (the alternative investment market) which is the sub market specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Genedrive shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
