Shares of British diagnostics company Genedrive PLC (LON: GDR) spiked 8.2% higher after the company signed an agreement with US military contractor Mountain Horse Solutions to distribute its rapid diagnostics products in the country.
The molecular diagnostics company said that Mountain Horse would distribute its BioPlex products, designed to meet the US military’s chemical, biological, radiological, nuclear and explosive (CBRNE) standards, over five years.
Genedrive’s shares are up 187% this year, driven by its multiple positive milestones, such as its distribution agreement with Beckman Coulter and the shipping of its COVID-19 test kits to the US.
The BioPlex products were developed with the help of funding from the US Department of Defense. Still, it would have taken Genedrive a long time to get approval to sell the product to the US military since it is not an approved military contractor.
Genedrive’s partnership with Mountain Horse Solutions will allow the company to sell its BioPlex products to the US military, given the latter’s existing commercial agreements with various military units.
The BioPlex technology has been approved by the DoD up to the deployment stage and can be used to rapidly assess threats within the CBRNE spectrum.
Genedrive Plc’s CEO, David Budd, said: “The agreement allows the supply of our BioPlex pathogen detection assays through Mountain Horse, a military contracting specialist who has several existing framework contracts with target clients such as the U.S. DoD.”
Bill Allen, President of Mountain Horse Solutions, said: “We are delighted to be working with Genedrive with these exciting pathogen detection products. The addition of genedrive's assays to our portfolio of CBRNE mission-critical products provides a unique offering of combat-ready sampling and detection devices.”
Genedrive share price.
Genedrive shares spiked 8.21% higher to trade at 145p after rising from Monday’s closing price of 134p.
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