The Genedrive PLC (LON: GDR) share price surged 58.6% after revealing that the UK’s National Institute for Health and Care Excellence (NICE) had issued a preliminary recommendation that the National Health Service (NHS) can use the Genedrive® MT-RNR1 ID Kit based on evidence gathered during its Early Value Assessment (EVA) Programme.
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Investors cheered the announcement that will unlock a new revenue stream for Genedrive given the NHS’s national scale, meaning the MT-RNR1 ID Kit will be available to patients all across the United Kingdom, which means the kit will be used by millions of patients and could generate substantial sales for the company.
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The specialist NICE EVA committee collected evidence on the clinical, technical, social and economic impact of the Genedrive® MT-RNR1 ID Kit before concluding that the kit can quickly and accurately identify babies with the primary genetic variant putting them at risk of hearing loss if treated with aminoglycoside antibiotics.
The committee also concluded that no test available to the NHS could quickly generate results on which medical professionals can base their decisions regarding which antibiotics to prescribe to babies during emergencies.
The NHS will also save a significant amount of money that could have been spent fitting cochlear implants on babies that experienced hearing loss after taking the wrong antibiotics. Such hearing loss also has a significantly negative impact on the affected children’s quality of life and that of their families.
The NICE committee will give its final recommendations after conducting a public consultation starting today, 9 February, and ending on 21 February 2023. The final recommendations will also underpin the early value guidance issued by NICE regarding the use of the Genedrive® MT-RNR1 test kit by NHS England.
David Budd, Genedrive plc’s CEO, said: “We are delighted with the enthusiastic and positive engagement of the NICE specialist review team and encouraged by this draft stage recommendation from the EVA programme. We encourage relevant stakeholders to participate during the public consultation period to support our pioneering work. We look forward to receiving the final NICE report and recommendations for the world’s first rapid point-of-care genetic test used to influence neonatal management in an acute care setting.”
*This is not investment advice.
The Genedrive share price chart.
The Genedrive share price surged 58.57% to trade at 38.85p, from Wednesday’s closing price of 24.50p.
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