London-listed Genedrive (AIM:GDR) Inspiration Healthcare Group (AIM:IHC) are collaborating to distribute Genedrive’s antibiotic-induced hearing loss (AIHL) test in the UK & Ireland.
Both parties also expect to expand the scope of the contract over time to engage Inspiration Healthcare's network of more than 50 neonatal-focused sub-distributors around the world.
Genedrive’s MT-RNR1 test is the world’s first point-of-care genetic test designed for use in a neonatal intensive care setting.
Shares in Inspiration Healthcare Group were trading 2.42% at 63.5p on Friday morning.
The test screens newborns for a genetic mutation called mt-RNR1 that can cause lifelong and irreversible deafness to a child upon administration of certain antibiotics.
"Our agreement with Inspiration Healthcare combines genedrive's innovative first-to-market AIHL product, with a thought leading healthcare company with a specialist emphasis on neonatal care,” said David Budd, Chief Executive Officer of Genedrive.
Shares in Genedrive were trading -2.07% lower at 71p during Friday morning.
"We are delighted to be able to work with genedrive with this novel testing device for newborn babies that could suffer hearing loss due to antibiotics given to them on admission into neonatal intensive care,” said Neil Campbell, Chief Executive of Inspiration Healthcare.
He added, “Our focus has always been products that can have a profound effect on the patient outcome.”
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Genedrive and Inspiration Healthcare Group are also included in the Vox Covid-19 Crusaders index.