Genedrive PLC genedrive plc awarded Innovate UK grant (0378X)

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RNS Number : 0378X

Genedrive PLC

21 November 2017

For release: 21 November 2017

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

genedrive plc awarded GBP600,000 Innovate UK grant

Award to support the development of a centrifuge-free plasma separation consumable for its Genedrive(R) HCV assay

genedrive plc, the near patient molecular diagnostics company, today announces it has now been formally awarded an Innovate UK grant for the development of a disposable centrifuge-free plasma separation consumable device. In its preliminary results issued in October, genedrive confirmed it had been conditionally offered this grant. The device is planned to support the future use of genedrive's HCV ID Kit closer to a point of care setting. genedrive plc and its collaborators, NHS Tayside and the Univeristy of Dundee, will receive circa GBP600,000 of which genedrive will account for its GBP484,000 share of the funding as income, matched to costs incurred over the periods to 30 June 2018 and 2019.

David Budd, Chief Executive Officer of genedrive plc said: "This has the opportunity to be a very novel and impactful project and we are delighted that Innovate UK has chosen to support us. This device will aim to improve the applicability of the Genedrive(R) HCV assay for closer to patient settings and would be a significant step forward in positioning the test for true decentralised diagnostics. Further, the device is anticipated to be independent from the Genedrive(R) platform, opening the opportunity for other diagnostic instruments that need plasma as a starting point for blood borne viral testing."

Genedrive(R) HCV ID Kit is performed on the Company's Genedrive(R) portable molecular diagnostics platform, designed for use at the point of need. The assay uses only a small amount of human plasma (25ul), eliminating the need for a separate RNA viral extraction process, and yields results within 90 minutes. genedrive has distribution agreements with subsidiaries of Sysmex Corporation for the distribution of the Genedrive(R) platform in the EMEA and Asia Pacific regions.

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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) platform and MTB/RIF assay has been launched in India and a Genedrive(R) HCV test has received CE-IVD Certification and has been launched in Africa. genedrive has distribution agreements with subsidiaries of Sysmex Corporation for the distribution of the Genedrive(R) platform in the EMEA and Asia Pacific regions.

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

About Innovate UK

Innovate UK is the UK's innovation agency. It works with people, companies and partner organisations to find and drive the science and technology innovations that will grow the UK economy.

For further information visit www.innovateuk.gov.uk

This information is provided by RNS

The company news service from the London Stock Exchange

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November 21, 2017 02:01 ET (07:01 GMT)