Genedrive PLC shares fell on Friday, after it said it has received a £800,000 research and development tax credit.

Shares in the company were down 15% to 3.50 pence each in London on Friday afternoon.

Genedrive said that following the R&D tax credit, its cash balance stands at £1.2 million, and it continues to assess its ‘requirements and a range of funding options that would bridge the gap before revenue generation allows Genedrive to be self-sufficient’.

It is planning to raise further equity ‘in the coming weeks’, Genedrive said.

The equity, the company said, will ‘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 & Drug Administration 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,’ it added.

Genedrive plans to announce its interim results for the six months ended December 31 on March 28.

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