The success of the Covid-19 testing kits has boosted the company’s business model. The company has also re-focused its efforts following the pandemic, shifting from testing in developed countries to testing in developing nations. Today, Genedrive focuses on point-of-care testing, which can be done with predictable commercial processes and prices. In addition, the company is also pursuing an acquisition to develop and commercialize other testing products.
Genedrive is a molecular diagnostics company
The United Kingdom-based molecular diagnostics company Genedrive plc provides rapid and low-cost platforms for detecting infectious diseases. Its products range from diagnostic tests to diagnose the Hepatitis C virus to military biothreats. In addition to their point-of-care diagnostics, Genedrive has developed a portable test to detect the Hepatitis C virus. Its latest product, the Genedrive HCV ID Kit, is a fast and accurate way to diagnose the Hepatitis C virus.
The COV19-ID test, developed by Genedrive, delivers positive or negative results in eight minutes and 17 minutes. The test uses reverse-transcription loop-mediated isothermal amplification technology and has received CE marking from the UK Medicines & Healthcare Products Regulatory Agency. It also does not require virus extraction. Its COV19-ID test kit is expected to hit the market in early October.
It has a test for antibiotic-induced hearing loss
A new gene drive assay can detect an unusual genetic mutation in less than half an hour. Traditional lab-based tests can take days or even weeks to deliver results. These long turnaround times have made diagnosing antibiotic-induced hearing loss in an emergency room impossible. The new test allows clinicians to start life-saving treatments without risking hearing loss. The new test is available at several NHS hospitals in the UK.
The National Deaf Children’s Society, which works with parents and healthcare providers to improve the lives of deaf babies, has welcomed the company’s announcement of a rapid test for detecting newborn hearing loss. The test will benefit mothers and families who give antibiotics to their infants. According to the company, the test will be available within the NHS next year.
It has a test for Covid-19
A Manchester-based molecular diagnostics company has approved a new test for the coronavirus Covid-19. The gene drives COV19-ID kit targets the ORF1ab and N genes of the virus. It provides positive and negative results within eight and 17 minutes, respectively. Its rapid molecular diagnostic assay is CE-marked and is suitable for use on Beckman’s high-throughput robotic Biomek i7 instrument.
The company’s COV19-ID kit has been approved by the UK’s Medicines and Healthcare Regulatory Agency, which sets the requirements for a coronavirus test device. The test meets all of the regulatory requirements for clinical trials. The test is available to the public at a reasonable price. The cost of the kit is just under a few pounds. It is also CE-IVD-marked for the UK.
It has received CE-IVD certification
A new rapid point-of-care genetic testing kit from British molecular diagnostics company Genedrive has received CE-IVD certification. This allows the company to sell the Genedrive IL28B SNP human genotyping test in Europe. This technology will enable doctors to detect and treat babies with a genetic disorder known as m.1555A-G, which can result in lifelong deafness.
The company developed a molecular diagnostics platform that is robust, simple to use, and versatile. This technology has multiple uses, including disease stratification and pathogen detection. The company recently launched its product in India and received CE-IVD certification. The company has various applications, including oncology, hematology, laboratory medicine, and diagnostics. Further, it is aiming to increase its sales in international markets. It has secured an investment of US$3 million from an angel investor.
It is a loss-making company
The company has reported narrowing its pretax loss for its fiscal 2021 year. The company’s total loss for the period was 20.4 million pounds. During the same period, the company booked GBP3.6 million in financing income and GBP14.7 million in financing costs. In addition, the company generated revenue of GBP687,000. Genedrive’s management aims to develop its products and services to meet the demands of all its shareholders.
The MT-RNR1 test, designed to detect hearing loss, is a new product on the market. Genedrive may generate substantial revenues from the sale of these tests. However, the number of tests sold may not be as high as those caused by its COVID-19 test. Furthermore, the stock is falling due to bears taking control of the store. It has fallen below its 26p support level and has climbed as low as 21p. However, the AIHL test is the first step toward a genetic bedside diagnostic for emergency use.