Genedrive PLC Receipt of R&D tax credit
March 15 2024 - 8:30AM
RNS Regulatory News
RNS Number : 0888H
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
|
+44 (0)161
989 0245
|
James Cheek: CEO / Russ Shaw:
CFO
|
|
|
|
Peel
Hunt LLP (Nominated Adviser and Broker)
|
+44 (0)20
7418 8900
|
James Steel / Patrick
Birkholm
|
|
|
|
Walbrook PR Ltd (Media & Investor
Relations)
|
+44 (0)20
7933 8780 or genedrive@walbrookpr.com
|
Anna Dunphy
|
+44
(0)7876 741 001
|
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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