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Shares of genedrive (LON: GDR) initially spiked higher on Wednesday after the company provided an update on its Antibiotic Induced Hearing Loss assay.
Genedrive said they and Inspiration Healthcare Group, the distribution partner for the AIHL assay, believe new guidance in the UK on the importance of the management of specific genetic mutations and their role in hearing loss as a result of antibiotics will lead to increased demand for the genedrive AIHL test in the UK.
The new guidance follows an 11-month implementation trial at Manchester University, NHS Foundation Trust, and Liverpool Women's Hospital, which concluded in November 2020.
The launch of the Genedrive AIHL assay remains on track for summer 2021.
The company is conducting an initial stage critical opinion leader engagement in the UK alongside Inspiration Healthcare in preparation for the commercial launch.
“Despite the emergence of COVID-19, our clinical partners showed huge dedication in keeping this important project on-track, becoming the first in the world to generate valuable information on the utility of this approach in an emergency care setting,” Commented David Budd, CEO of genedrive.
“As we see updated guidance and greater awareness to the requirement for genetic testing, we only expect increased interest in our novel assay,” genedrive’s CEO added.
After initially rising to 133p per share, genedrive's stock price now trades at 127p, up 1.80% from Tuesday’s close.
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
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