Genedrive Shares Rallied 14.8% on a Multi-Partner UK Grant Award

The Genedrive PLC (LON: GDR) share price rallied 14.8% after announcing that it was part of a multi-partner team awarded a grant from Innovate UK and the UK government Innovation Accelerator programme.

The company is part of a team awarded the Development and Validation of Technology for Time Critical Genomic Testing (DEVOTE) grant to validate further and implement the new Genedrive® CYP2C19 ID Kit pharmacogenetic test in a time-critical clinical setting.

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The amount awarded is yet to be revealed. Still, Gendrive shall be working in collaboration with the University of Manchester (UoM) in a program that builds on the success of the previous successful UoM/Genedrive partnership with the PALOH programme, which supported the development and evaluation of the Genedrive® MT-RNR1 ID Kit. 

The award shall revolve around Genedrive’s CYP2C19 ID Kit, one of three exemplar projects to be included in the programme, which is expected to be funded through the Innovate grant, in-kind contributions, and other aligned funding.

The multi-partner grant project shall involve health economists, informaticians, clinicians and researchers to access new technologies and iteratively provide feedback quickly. 

The DEVOTE project will focus on patients with ischaemic stroke in acute care who are to be prescribed Clopidogrel to prevent further clot formation. Clopidogrel is typically less effective in patients with specific genetic CYP2C19 variants since they do not effectively metabolise Clopidogrel. 

Genedrive’s CYP2C19 ID Kit is being developed to guide physicians at the point of care on which patients will respond fully to Clopidogrel. Patients with gene variants that result in reduced or loss of function of CYP2C19 can be given alternative treatments.

David Budd, Genedrive plc’s CEO, said: “DEVOTE is an amazing opportunity to engage formally with a health system like the NHS to demonstrate the effectiveness of a new diagnostic approach. Access to the Acute Medicine Unit in real time has considerable value to Genedrive as further funding would allow us to progress ongoing product development quickly and efficiently and would support the pathway to clinical validation of our Genedrive® CYP2C19 ID Kit.”

*This is not investment advice. 

Genedrive share price. 

The Genedrive share price rallied 14.78% to trade at 19.80p, from Thursday’s closing price of 17.25p.