Genedrive shares rise on US clinical trial agreement

Shares of Manchester-based Genedrive rose as much as 7% after it announced it entered into a clinical trial agreement with a “leading multi-state physician organisation” in the US to support clinical studies required for engagement with the US Food and Drug Administration “to progress the regulatory approval of the Genedrive MT-RNR1 ID Kit into the USA via the FDA De novosubmission process.”

Genedrive is a “point of care pharmacogenetic testing company.” 

The firm said: “In 2021, 3.7 million babies were born in the United States, with 10.5% born prematurely.

“It has been estimated that malpractice litigation settlements in cases related to deafness caused by the use of aminoglycosides average over US$1.1 million per case, further adding to the positive health economic case of providing accurate and timely testing to reduce unwanted side effects of gentamicin usage. 

The Genedrive MT-RNR1 ID Kit is the world’s first point-of-care genetic test to reduce the risk of antibiotic induced hearing loss (AIHL). 

“Following detection of the MT-RNR1 variant an alternative antibiotic treatment can be prescribed.  It has the potential to save thousands of children from lifelong hearing loss, whilst providing a net positive financial outcome case to healthcare systems.

The FDA De Novo pathway provides a vehicle for establishing new predicate devices that can reflect modern standards for performance and safety and can serve as a basis for future clearances.

“De Novo classification is a risk-based classification process used when there is a lack of predicate device already cleared by the FDA. 

“Our partnership enables affordable access for clinical studies in NICU sites in the United States as required for the FDA de novo submission process, with a leading multi-state physician organisation with expertise and coverage of US neonatal services.”

Genedrive CEO James Cheek said: “I am delighted with this agreement to progress our aim of introduction of our MT-RNR1 point of care pharmacogenetic test to the U.S. 

“The U.S. is a particularly attractive market for this unique test given the potential to save hundreds of individuals from life-long deafness and reduce litigation costs relating to the unwanted side effects from antibiotic use on those carrying the gene variant.

“Additionally, the U.S. Market is potentially the most attractive market given its size, birth rates, use of diagnostic testing and reimbursement structure.  As already announced genedrive will be seeking funding to progress the required clinical studies.”