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Genedrive PLC - Manchester-based molecular diagnostics company - Confirms that it expects to benefit from GBP1.2 million of funding, through its participation in a multi-partner grant award from Innovate UK and the UK government Innovation Accelerator programme. The grant, which is for the development and validation of technology for time critical genomic testing, will provide Genedrive with acute care patient access and supporting infrastructure to assess the real world clinical performance of time-critical clinical tests in NHS settings.
The firm expects to receive funding through the programme's lead partner, the University of Manchester. It said these funds would support the evaluation, validation and implementation of a new Genedrive CYP2C19 ID Kit.
Chief Executive Officer James Cheek says: "The DEVOTE programme is an incredible opportunity for us to partner once again with the University of Manchester in developing time-critical genetic test solutions. The grant funding allows us to avoid costs that would otherwise have been incurred by Genedrive directly and to benefit from accessing the Acute Medicine Unit, which is paramount to our product validation under IVDR."
Current stock price: 11.14 pence, down 5.2% on Thursday
12-month change: down 3.2%
By Holly Beveridge, Alliance News reporter
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