Shares in international clinical diagnostics company Novacyt (NCYT:AIM) gained 15% to 438p on Friday after the company provided an update on its near-term Covid-19 research and development and UK operations.
The shares have lost 65% over the past three months and have been particularly volatile since a profit warning on 23 April.
Novacyt confirmed today that its wholly owned subsidiaries Primerdesign and Microgen Bioproducts were included in the UK's National Microbiology Framework for Diagnostic Goods and Services published by Public Health England on 19 April.
This means the firm’s full range of clinical products, including tests within its accredited portfolio, can be purchased by Public Health England and NHS hospitals without the need for direct contracts. It also means there is no guarantee of any revenues.
Chief executive Graham Mullis commented, ‘we look forward to the opportunity to expand our support of diagnostic testing in the UK through our established infrastructure and building a long-term future in this important market, as well as in international markets as we continue to invest in our direct commercial operations.’
EXPANSION OF LATERAL FLOW TESTS
At the end of March, the firm launched a lateral flow test for professional use which detects antibodies in a rapid turnaround from as little as 10 minutes with strong efficacy credentials.
A next-generation lateral flow test which will be able to detect different strains of the virus is expected to launch in the third quarter of 2021.
Novacyt has been working with a partner to develop a professional and home use Covid-19 non-invasive test (nose swab) which will provide a result in 15 minutes.
The company intends to launch the product before the end of the second quarter 2021 and the directors believe the product could generate ‘significant’ revenues.
