Receipt of R&D tax credit

Genedrive PLC

15 March 2024

 

genedrive plc

("genedrive" or the "Company")

Receipt of R&D tax credit

Notice of interim results

genedrive plc (AIM: GDR), the point of care pharmacogenetic testing company, today confirms it has received an R&D tax credit of c£0.8m following which its unaudited cash balances stand at £1.2m.

As confirmed in the Company's audited final results issued on 30 November 2023 the Board continues to assess the Group's requirements and a range of funding options that would bridge the gap before revenue generation allows genedrive to be self-sufficient and the Board is planning to seek to raise further equity in the coming weeks in order to provide a longer term financing solution for the Company's plans which include further driving sales of its two tests in approved markets and also seeking a Food and Drug Administration (FDA) approval for its AIHL test in the US market which is be expected to be a significant source of future revenues.  The Company expects to be able to announce further details supporting this plan before long.  

The Company will also announce its interim results for the six months ended 31 December 2023 on 28 March 2024.

For further details please contact:

genedrive plc	[phone]
James Cheek: CEO / Russ Shaw: CFO
Peel Hunt LLP (Nominated Adviser and Broker)	[phone]
James Steel / Patrick Birkholm
Walbrook PR Ltd (Media & Investor Relations)	[phone] or [e-mail]
Anna Dunphy	[phone]

About genedrive plc (http://www.genedriveplc.com)  genedrive plc is a pharmacogenetic testing company developing and commercialising a low cost, rapid, versatile, simple to use and robust point of need pharmacogenetic platform for the diagnosis of genetic variations. This helps clinicians to quickly access key genetic information that will help them make the right choices over the right medicine or dosage to use for an effective treatment. Based in the UK, the Company is at the forefront of work on Point of Care pharmacogenetics. Pharmacogenetics looks at how your genetics impacts a medicines ability to work for you. Therefore, by using pharmacogenetics, medicines can be made safer and more effective. The Company has launched its flagship product, the Genedrive® MT-RNR1 ID Kit, which is a single-use disposable cartridge which circumvents the requirement for cold chain logistics by providing temperature stable reagent test kits for use on their proprietary test platform. This test allows clinicians to make a decision on antibiotic use within 26 minutes, ensuring vital care is delivered with no negative impact on the patient pathway.

The Company has a clear commercial strategy focused on accelerating growth through maximising in-market sales, geographic and portfolio expansion and strategic M&A, and operates out of its facilities in Manchester.

 

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