Genedrive PLC Grant for NHS point-of-care test (9237R)

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RNS Number : 9237R

Genedrive PLC

20 June 2018

For release: 20 June 2018

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

genedrive plc ("genedrive" or the "Company")

Grant to develop and implement a point-of-care test in the NHS to avoid antibiotic-related hearing loss in newborn children

Funded through UK NHS National Institute for Health Research

genedrive plc, the near patient molecular diagnostics company, today announces its receipt of a multi-partner grant award from the UK National Institute for Health Research's Invention for Innovation programme, for the development and implementation of a point-of-care pharmacogenetic test to avoid antibiotic-related hearing loss in newborn children.

Due to an identified genetic predisposition, certain individuals develop irreversible hearing loss when exposed to gentamicin, an antibiotic used to treat several types of bacterial infections. In the UK, approximately 90,000 babies per year are treated with gentamicin on intensive care units. Antibiotic treatment should start within the first hour after admission, but current lab-based genetic tests are not able to return actionable results within that timeframe. A Genedrive(R) test is targeted to allow genetic results to be available within an hour, allowing alternative antibiotics to be used and thus avoiding the potential life changing adverse reaction to gentamicin.

The project is expected to commence immediately, with an expected development phase of one year followed by a trial implementation phase in selected NHS hospitals in year two. The Company will then target the release of a Genedrive(R) test within the NHS and more broadly. This project represents an important landmark for the Company's Genedrive(R) platform as it is the first potential application outside of the low and middle income markets targeted with current HCV and mTB programmes. genedrive expects to account for its GBP550,000 share of the project funding as income which will be matched to costs incurred over the two year project. The exact amount and timing of the income is expected to be finalised shorlty by the signing of a collaboration agreement.

The consortium will be led by William Newman, Professor of Translational Genomic Medicine at the University of Manchester and Consultant at Manchester University NHS Foundation Trust. The team includes partners from Liverpool and Manchester Neonatal Intensive Care Units and is working closely with parents of children previously treated on intensive care units.

Professor William Newman said: "We look forward to working with genedrive and our colleagues in Manchester and Liverpool to assess the impact of rapid genetic testing as a method of avoiding irreversible hearing loss in babies treated with antibiotics. Successful implementation would be a first in the integration of a rapid decision making, genetic-based diagnostic in the UK NHS."

David Budd, Chief Executive Officer of genedrive plc, said: "The application of Genedrive(R) in an urgent healthcare setting is an excellent example of how a rapid, affordable, point-of-care test could impact patients' treatment and quality of life. The NHS is a huge market place and, if adopted, this would be the first placement of Genedrive(R) in a developed world healthcare setting. The project is an exciting opportunity to expand the markets in which Genedrive(R) is used."

- Ends -

For further details please contact:

genedrive plc

David Budd: CEO [phone]

Matthew Fowler: CFO

Peel Hunt LLP

James Steel [phone]

Oliver Jackson

Consilium Strategic Communications

Chris Gardner [phone]

Matthew Neal

Laura Thornton

[e-mail]

Notes to Editors

About genedrive plc

genedrive plc is a molecular diagnostics company developing and commercialising a low cost, rapid, versatile, simple to use and robust point of need molecular diagnostics platform for the diagnosis of infectious diseases and for use in patient stratification (genotyping), pathogen detection and other indications. The Genedrive(R) HCV-ID test has received CE-IVD Certification and has been launched in Africa and Asia Pacific. genedrive has distribution agreements with subsidiaries of Sysmex Corporation for the distribution of the Genedrive(R) platform in the EMEA and SE Asia (ex India), and with ARKRAY Healthcare pvt Ltd for the distribution of the Genedrive(R) HCV ID Kit and Genedrive(R) platform in India.

Further details can be found at: www.genedriveplc.com and www.genedrive.com

About NIHR

'The National Institute for Health Research (NIHR): improving the health and wealth of the nation through research.

Established by the Department of Health and Social Care, the NIHR:

   --     funds high quality research to improve health 
   --     trains and supports health researchers 
   --     provides world-class research facilities 
   --     works with the life sciences industry and charities to benefit all 
   --     involves patients and the public at every step 

For further information, visit the NIHR website (www.nihr.ac.uk)'.

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June 20, 2018 02:00 ET (06:00 GMT)