The AIM-listed medical diagnostic group’s Hepatitis C Virus (HCV) ID kit is rapidly becoming available in target countries.
HCV ID Kit expanding into new regions
Genedrive offers a rapid, low-cost, simple-to-use device with high sensitivity and specificity in testing for hepatitis C, analysts at Hardman & Co said.
“The hepatitis C market is a global opportunity, very large even in developing countries,“ the research house added.
Back in September, the HCV ID kit was awarded an CE IVD Certification, which allows for the kit to be sold in Europe, as well as low- and middle-income countries that accept CE certification under their national regulations.
Genedrive has signed sales agreement with Sysmex Corporation for the distribution of the HCV ID to EMEA and Asia Pacific and with Mumbai- based ARKRAY to distribute the kit in India.
Sysmex, a Japanese Corporation, is a world leader in clinical systems.
"Now that the Genedrive technology platform has received CE Mark, the new management team has completely re-focused the company onto the commercialisation pathway for diagnosis of infectious diseases, signing two important commercial agreements with Sysmex, a major global player," Hardman & Co said.
Awards for NHS point-of care and tuberculosis testing kits
Genedrive also received a grant from the UK national Institute for Health Research’s Invention for Innovation programme for a NHS point-of-care test.
This pharmacogenetic test helps to avoid antibiotic-related hearing loss in new born children.
“The NHS is a huge market place and, if adopted, this would be the first placement of Genedrive in a developed world healthcare setting," said David Budd, chief executive.
The company has also been awarded £1.1mln in funding by Innovate UK for product development of its Genedrive tuberculosis testing kit.
The grant will be used for the further development of a high-sensitivity bacterial sample preparation module for the Genedrive instrument.
Group revenue for the six months to end December eased to £2.63mln from £2.88mln the year before.
Income derived from the flagship Genedrive device rose 8% to £1.3mln.
At the end of February, this had subsided to £3.9mln though last month the group completed the sale of the research and pharmacogenomics divisions for up to £1.9mln in cash.
At 36.50p, Genedrive is valued at £8.8mln.