Genedrive rallies on positive news about hearing loss test

Molecular diagnostics company Genedrive rallied on Tuesday after the UK's National Institute of Clinical Excellence (NICE) issued a new Medtech Innovation Briefing on its MT-RNR1 hearing loss test.

Genedrive said its assay is the world's first point of care test to screen infants in an urgent care setting for a genetic variant that will cause life-long hearing loss when carriers of the variant are given certain antibiotics.

Those that carry the variant can then be given alternative treatments following detection of the variant by the MT-RNR1 test.

"The Medtech Innovation Briefing is an important step to increase awareness in the NHS of new innovation and ultimately support adoption in the UK," it said.

Chief executive David Budd said: "MIBs are designed to support NHS and social care commissioners and staff who are considering using new medical devices and other medical or diagnostic technologies.

"MIBs are commissioned by NHS England and published by NICE to inform NHS clinicians and managers about new technologies for their decision-making, commissioning and/or policy development. MIBs do not make recommendations but contain a summary the technology, published evidence, health economic overview and expert options on the advantages and disadvantages."

At 1300 BST, the shares were up 12% at 28p.