What the company does
genedrive PLC (LON:GDR) is a molecular diagnostics company developing and commercialising low cost and rapid molecular diagnostics platform for the diagnosis of infectious diseases, as well as for use in patient stratification (genotyping), pathogen detection and other indications.
It has also leveraged its 20-year experience in the sector to create coronavirus tests.
The projects have been well received by the market, with the share price zooming over 1,000% since March.
How it is doing
In October genedrive said it was generating “very promising data” from its COVID-19 test, targeted for release in the first quarter of next year, having recently completed the assay design.
Using point-of-care technology, results can be generated in 15 minutes for a positive sample, while a negative takes five minutes longer.
The kit has been developed to detect SARS-CoV-2 amplified directly from saliva without the need to extract viral RNA.
The simplicity and speed of the test mean results can be delivered while the patient waits, rather than material having to be shipped and then assessed, which takes at least 24 hours.
The full release of the final CE-marked product is expected in the first quarter of next year.
The diagnostics firm is also working on a “version-two” advance would accept a freeze-dried PCR bead format previously developed for the high throughput Genedrive 96 SARS-CoV-2 Kit.
This would allow for lower production costs and highly scalable manufacturing capacity.
What the boss says: David Budd, chief executive
"Rapid testing for current infection is a cornerstone to any track and trace programme, to quickly accessing current infection, to limiting infection, and to giving assurance to people concerned about their status."
“We believe the Genedrive POC solution can contribute significantly to the ongoing management of this global health crisis."
- Collaboration with Beckman Coulter Life Sciences
- Rapid test launched next year
- Commercialisation of baby deafness test
What the broker says
House broker Peel Hunt noted the new test will allow for immediate diagnosis whilst the test subject is present.
"Genedrive add that the current POC test reads out a positive sample in circa 15 minutes (and a fully negative result achieved in circa 20 minutes) with the limit of detection being in line with the UK’s MHRA Target Product Profile sensitivity requirements (over 98%, we understand)," analysts commented.