proactive investors15 Apr 2020 14:56
Genedrive up 700%
Genedrive PLC (LON:GDR), for example, has been completely re-rated following the announcement it is developing two SARS-COV-2 detection tests including one for mass testing with its shares up more than 700% since it started work.
A lack of testing has been suggested as one reason why the UK’s infection and death rates are greater than places such as Germany and South Korea.
Genedrive’s first assay test, which could be ready in a matter of weeks, enables results to be delivered quickly close to patients, rather than needing to send samples to labs to be tested and waiting days for a conclusive result.
Once approved, Genedrive says it can ramp up to over 10,000 tests per hour, which would make the product “a material revenue generator for the company and significant contributor to addressing the global pandemic”.
A second SARS-COV-2 test under development will allow point-of-care testing outside of a hospital environment in places such as clinics and intensive care units where rapid results are required.