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LONDON - genedrive plc (LSE: GDR), a point of care pharmacogenetic testing company, announced unaudited interim results for the six months ending December 31, 2024. The company reported a revenue increase to £0.35 million from £0.24 million in the comparable period of the prior year, and a research and development expenditure of £2.1 million, up from £1.9 million.
The operating loss widened to £2.6 million from £2.4 million, reflecting genedrive’s investment in expanding its operational capabilities and commercialization efforts. Cash reserves decreased from £5.2 million as of June 30, 2024, to £2.1 million by the end of December 2024, with an additional £1 million available as of March 20, 2025. To bolster its working capital, genedrive also announced an equity fundraise of up to £1.25 million.
genedrive has made significant progress with its Genedrive® CYP2C19-ID Kit, securing its first UK commercial sales and routine clinical use at Peterborough City Hospital. The kit, which aids in determining the best treatment for stroke and Transient Ischaemic Attack (TIA) patients, has been recommended by the National Institute for Health and Care Excellence (NICE) and has received positive assessments from the Scottish Health Technologies Group (SHTG).
In addition, the Scottish Government has announced a £800k investment to support the implementation of genedrive’s MT-RNR1 ID Kit for newborn babies in NHS Scotland. This test helps prevent lifelong hearing loss by identifying infants at risk of adverse reactions to certain antibiotics. genedrive has also received Breakthrough Device Designation from the U.S. Food and Drug Administration (FDA) for this kit.
The company’s expansion includes growing its sales and marketing team, adding in-country distributors, and facilitating market access. genedrive has also focused on product development and improvements to support the implementation and usability of its flagship products.
Despite the increased operating loss and cash burn, genedrive maintains a positive outlook, with CEO Gino Miele expressing confidence in the company’s commercial prospects in domestic and international markets. Miele highlighted the potential savings and improved patient outcomes that genedrive’s products could bring to the NHS, estimating an annual saving of £160 million for interventional CYP2C19 testing alone.
This report is based on a press release statement from genedrive plc.
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