It has been another stellar week for Genedrive after it revealed signs of commercial traction for its technology, followed by news of potential fresh investment.
The company develops rapid molecular diagnostics designed for use at the point of care, without the need for complex laboratory infrastructure.
Its flagship Genedrive platform delivers genetic test results in under an hour from a portable, battery-operated device.
Its tests target areas where fast genetic insights can change treatment decisions, notably its CYP2C19 test for stroke patients and its MT-RNR1 test, which identifies newborns at risk of hearing loss from certain antibiotics.
Genedrive’s uniqueness lies in combining molecular precision with real-time clinical usability in acute and resource-limited healthcare settings.
Earlier this week, it announced that its distributor in Saudi Arabia had signed a memorandum of understanding with the country’s Ministry of Health to pilot its genetic testing technology as part of a national hearing health initiative.
The agreement will see the Genedrive MT-RNR1 ID Kit tested under the ‘Generations Hear’ programme, which forms part of Saudi Arabia’s Vision 2030 strategy to modernise healthcare through precision medicine and preventive care.
Then on Friday, the group said it was in talks with one of its main shareholders that could see it secure a £1 million loan. The shares have doubled over the past trading week and soared almost 300 per cent in the past month, bringing some much-needed relief to management and long-suffering investors.
Turning to the wider market, the AIM All-Share fell 4 points to 770.58 as it failed to keep pace with the FTSE 100, which rose 0.6 per cent and briefly hit a new record earlier this week.
The next biggest riser was Orcadian Energy, the North Sea explorer, which jumped 65 per cent on what dealers might call ‘nosey buying’, though others might simply call it no news. It last updated investors on its Elke and Narwhal discoveries about four months ago, so perhaps an update is due.
Last Friday’s trading update from Strategic Minerals appeared to have a long tail effect. Magnetite production in New Mexico continues to ramp up, while closer to home in Cornwall, the company is accelerating development of its tungsten, tin and copper asset. The shares ended the week 45 per cent higher.
