Genedrive Shares Fell 11.2% Despite NICE Final Recommendation

The Genedrive PLC (LON: GDR) share price fell 11.2% after revealing that the UK’s National Institute for Health and Care Excellence (NICE) has ratified and finalised its recommendation after a public consultation process.

NICE’s final recommendation is that the NHS can use the Genedrive® MT-RNR1 ID Kit. The adverse reaction from investors could be linked to the fact that many expected the NICE preliminary recommendation about the test kit issued on 9th February 2023 would be binding.

However, Genedrive confirmed that the review was conducted via NICE's Early Value Assessment (EVA) programme, created to help select and recommend new technologies that could make a real difference to patients and provide the most value for the NHS.

The positive final recommendation was based on several critical conclusions, including that the Genedrive® MT-RNR1 ID Kit can quickly and accurately identify babies with the MT-RNR1 genetic variant who may be at risk of hearing loss if given aminoglycoside antibiotics. 

Another key reason was that no other test could provide results quickly enough to help physicians decide on antibiotic prescribing in emergency care. Genedrive noted that the conclusions support and result from its strategy for developing rapid molecular diagnostics for emergency care.

David Budd, Genedrive plc’s CEO, said: “We are appreciative of the thorough review conducted by the NICE team. The final report issued today entirely reflects the preliminary conclusion published in February. As we continue with commercial rollout and product adoption, the NICE EVA framework will give us the opportunity to support specific performance and impact data that NHS users and commissioners may look for in future guidance. NICE, whose guidance is formally applicable to the NHS in England and Wales, is an internationally respected health authority. The tools and data supplied in its review will be relevant to the rest of the United Kingdom and the other international markets, which we are now accessing.”

Genedrive shares had fallen since 20 March 2023 when it announced the rollout of its MT-RNR1 ID Kit in the greater Manchester area as investors took profits on their positions. However, the shares are still up over 200% for the year. 

*This is not investment advice. 

Genedrive share price. 

The Genedrive share price fell 11.16% to trade at 32.65p, from Wednesday’s closing price of 36.75p.