genedrive Shares Surge on Saudi MOU for Hearing Loss Prevention

genedrive plc (LSE: GDR) witnessed a significant jump in its share price following the announcement of a Memorandum of Understanding (MOU) with the Kingdom of Saudi Arabia (KSA) Ministry of Health (MOH).

The stock price rose around 14.4% on the news, reflecting market optimism about the potential impact of the agreement.

The MOU, secured through genedrive's exclusive distribution partner iDeal iDea for Medical Equipment Technology, paves the way for a pilot program of the Genedrive MT-RNR1 ID Kit.

This pilot is intended to be implemented nationally under the “Generations Hear” initiative, a program focused on preventing hearing loss through early detection of genetic predispositions. This initiative aligns with Saudi Vision 2030, supporting the national objective of advancing precision medicine.

The agreement signifies a major step forward for genedrive in a key international market. The potential national implementation of the MT-RNR1 ID Kit in Saudi Arabia could generate substantial revenue for the company.

Dr. Gino Miele, CEO of genedrive plc, said: “We are delighted with the signing of this MOU, which builds further on our commercial traction in Saudi Arabia and aligns perfectly to the long-term Saudi health goals. We are grateful to our valued partners at iDeal iDea for their support and look forward to progressing through pilot phase with the goal of implementation at national level.”

“The Generations Hear initiative embodies Saudi Arabia's true transformation in the healthcare sector, leveraging genetic innovation to safeguard the health and lives of future generations,” said Hatim Najjar, Founder and CEO of iDeal iDea for Medical Equipment Technology.

“At iDeal iDea for Medical Equipment Technology, we are proud to provide innovative medical solutions in line with Saudi Vision 2030 and the Health Transformation Program, through national partnerships that advance precision medicine and strengthen preventive healthcare.”