Stroke unit boost for troubled genedrive
AIM listed genedrive has received an order worth £0.1m to support an implementation assessment at Greater Manchester’s Comprehensive Stroke Centre at Salford Royal Hospital.
The order follows earlier recommendation of the genedrive’s CYP2C19 test by the National Institute for Health and Care Excellence.
Greater Manchester CSC is the largest and busiest Hyperacute Stroke Unit HASU in England with more than 2,000 stroke patient admissions per annum.
Implementation of the medical technology has potential value to the NHS of approximately £91m and £454m over one and five years respectively.
Dr Gino Miele, the new CEO of genedrive, described the deal as a “key initial milestone in our CYP2C19 commercialisation strategy, and further strengthens our pharmacogenetic positioning strategy in emergency care more broadly.”
Dr. Natasha James and Dr. Kirsty Ward, Clinical leads for the Greater Manchester CSC, said: “The technology will help us to formulate a personalised optimal treatment plan for Stroke patients, that we hope will prevent future strokes and save lives.”
Manchester-based genedrive plc is a pharmacogenetic testing company which develops and commercialises a low cost, rapid, versatile and simple to use point of need pharmacogenetic platform for the diagnosis of genetic variants.
However, over the last year genedrive shares have collapsed in value from a high of 33p in March 2023 to a low of 1.47p in July 2024. At close of market on Friday they were priced 3.18p.
Last week James Cheek left the company as chief executive with immediate effect and by mutual agreement, less than a year after joining, to be replaced by Gino Miele.
In April the business raised £2.03 million through an open offer and a further circa £1.89 million through a retail offer.
The business first floated on the AIM market in 2007, as Epistem Holdings and was renamed genedrive plc in July 2016.
