$1.4m Funding from US Department of Defense

RNS Number : 2548M

Genedrive PLC

27 July 2017

 

For release: 27 July 2017

genedrive plc ("genedrive" or the "Company")

genedrive plc Awarded Additional $1.4m Funding by US Department of Defense to Continue Development of Genedrive® as a Handheld Biohazard Identifier

genedrive plc, the near patient molecular diagnostics company, is pleased to announce an additional $1.4 million funding award for the continuation of the US Department of Defense (DoD) programme which commenced in August 2015.  This follows successful field study trials on the single cartridge solution as initially announced in January 2017.

This funding will be used to further develop the Company's small portable Genedrive® system to now detect a broader range of biohazard targets across multiple cartridges. The ultimate aim of the DoD programme is to develop a cost-effective system that would allow multiple units and tests to be deployed for field use.

This funding follows the successful progress from 'phase two', as announced in January 2017 and brings the total DoD funding to $6.5 million.  The next stage of the programme is specifically looking at rigorous testing and evaluation of the new range of assays in field use and is expected to generate approximately $1.4 million in development income for genedrive for the financial year to 30 June 2018.

David Budd, Chief Executive Office of genedrive plc commented: "This next phase of field testing will help to further validate and confirm the characteristics of the Genedrive® system: portability, flexibility and accuracy. The evaluation will be far reaching, rigorous and, if successful, it will be a clear validation of the Genedrive unit as a robust and easily deployable hand held device for pathogen and disease detection. During our work with the DoD we have uncovered several developments that have applicability within our proprietary human healthcare initiatives, and, as such, this programme has served to accelerate our own development priorities."

This announcement contains inside information.

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For further details please contact:

genedrive plc

David Budd: CEO                                                                                                              [phone]

Matthew Fowler: CFO

Peel Hunt LLP

James Steel                                                                                                                       [phone]

Oliver Jackson

Consilium Strategic Communications

Chris Gardner                                                                                                                    [phone]

Matthew Neal

Laura Thornton

[e-mail] 

Notes to Editors

genedrive plc is a molecular diagnostics company developing and commercialising a low cost, rapid, versatile, simple to use and robust point of need molecular diagnostics platform for the diagnosis of infectious diseases and for use in patient stratification (genotyping), pathogen detection and other indications. The Genedrive® platform and MTB/RIF test have been launched in India and a Genedrive® HCV test has been successfully assessed by the Institut Pasteur, Paris.

Further details can be found at: www.genedriveplc.com and www.genedrive.com 

 

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