Receipt of R&D tax credit

genedrive plc (AIM: GDR), the point of care pharmacogenetic testing company, today confirms it has received an R&D tax credit of c£0.8m following which its unaudited cash balances stand at £1.2m.

As confirmed in the Company's audited final results issued on 30 November 2023 the Board continues to assess the Group's requirements and a range of funding options that would bridge the gap before revenue generation allows genedrive to be self-sufficient and the Board is planning to seek to raise further equity in the coming weeks in order to provide a longer term financing solution for the Company's plans which include further driving sales of its two tests in approved markets and also seeking a Food and Drug Administration (FDA) approval for its AIHL test in the US market which is be expected to be a significant source of future revenues. The Company expects to be able to announce further details supporting this plan before long.

The Company will also announce its interim results for the six months ended 31 December 2023 on 28 March 2024.