Genedrive PLC $1.4m Funding from US Department of Defense (2548M)
July 27 2017 - 2:03AM
UK Regulatory
TIDMGDR
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(R) 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(R) 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(R) 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.
- Ends -
For further details please contact:
genedrive plc
David Budd: CEO +44 (0)161 989 0245
Matthew Fowler: CFO
Peel Hunt LLP
James Steel
+44 (0)207 418 8900
Oliver Jackson
Consilium Strategic Communications
Chris Gardner +44 (0)203 709 5700
Matthew Neal
Laura Thornton
genedrive@consilium-comms.com
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(R) platform and MTB/RIF test have been
launched in India and a Genedrive(R) HCV test has been successfully
assessed by the Institut Pasteur, Paris.
Further details can be found at: www.genedriveplc.com and
www.genedrive.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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