GCIGenedrive receives orders for genetic test from 5 more UK hospitals, shares gain
() , a molecular diagnostics company, said it received initial orders for Genedrive MT-RNR1 products from a further five UK hospitals in the Greater Manchester area.
The Genedrive MT-RNR1 ID Kit is a non-invasive test that can identify babies in neonatal intensive care (NICU) with an MT-RNR1 genetic variant who may be at risk of hearing loss if given aminoglycoside antibiotics. The test is rapid, taking approx. 26 minutes, enabling rapid clinical decisions on antibiotic prescribing.
The total value of the orders is in excess of £100k and the NICUs of the 5 hospitals - The Royal Oldham Hospital, Stepping Hill Hospital, Royal Bolton Hospital, Royal Albert Edward Infirmary, and Tameside General Hospital - admit approx. 1,900 babies per year. The additional sites double the number of NICUs in the UK using the test in routine practice.
James Cheek, CEO, commenting: "I am delighted to see the positive effects of our direct to customer commercialisation strategy in the UK, with further NHS engagement and uptake for bringing this vital test which has the potential to avoid profound, irreversible hearing loss in babies in neonatal care units into day-to-day use in neonatal emergency care. Our expectation is that more NHS trusts will adopt this simple to use point of care genetic test in the coming months and we continue to grow our opportunities overseas."
Ajit Mahaveer, Clinical Lead for the Northwest Neonatal Operational Delivery Network, adding: "The implementation of the Genedrive MT-RNR1 test across all neonatal sites in Greater Manchester represents a significant advancement in preventing hearing loss in infants and enabling rapid genetic testing at the bedside".
shares rose 4% on the news.
View from Vox
Genedrive reports another large order for its Genedrive MT-RNR1 ID Kit from 5 UK hospitals, as they progress toward sustained deployment in their neonatal intensive care units. The genetic test is cutting-edge technology, enabling rapid detection of MT-RNR1 in babies and the avoidance of administration of aminoglycosides in those with the genetic variant.
For background, the Genedrive MT-RNR1 test received conditional recommendation from the UK's National Institute for Health and Care Excellence (NICE) in March 2023, enabling its use in the NHS while further evidence is generated. said plans for generating the required evidence are underway, with the goal of enabling transition from conditional to full recommendation by NICE, in turn expected to facilitate funding for the test at a national level.
Today's news is the result of Genedrive's effective DTC strategy. In its most recent interim results, the company announced solid revenue growth, a much narrowed operating loss, and significant operational progress for MT-RNR1 and CYP2C19. As evidenced by today's release, MT-RNR1 has quickly generated strong sales momentum in the UK, with more NHS trusts expected to follow in the coming weeks and months. Additionally, a distributor is in place to commence US sales, pending FDA approval.
Therefore, MT-RNR1 holds significant short-term upside as sales outside the UK catch up. At the same time, Genedrive is prepping marketing and distribution for CYP2C19 in the UK, expecting strong initial revenues. CYP2C19 is 's pharmacogenetic test for stroke treatment selection. Both assets address significant unmet medical needs.
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