Shares in molecular diagnostics group Yourgene Health (YGEN:AIM) jumped 11% to 16.4p in early trading following news that the firm had been added to the government’s approved list of private Covid-19 testing providers.
In addition to gaining approval for general coronavirus testing, the company has been selected for the Test To Release for International Travel scheme designed to reduce quarantine periods for travelers arriving in the UK.
Yourgene will go live with the Test To Release scheme in early January, with passengers able to pay for an instant test to find out if they can reduce the self-isolation period after international travel.
The firm also revealed it has been conducting computer analysis of the new ‘variant’ of coronavirus and ‘wet lab testing’ to assess the efficacy of its Clarigene product. By mid-morning shares had settled up 6% to 15.6p.
Last week Yourgene reported its first half results with revenues to the end of September up 5% to £8.2 million, in line with recent guidance, and gross profits up 4% to £4.9 million.
The firm posted a wider operating loss of £2.5 million due to the cost of scaling up its manufacturing and laboratory testing capabilities and a jump in ‘general administrative expenses’.
