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(Alliance News) - Genedrive PLC's shares rose 25% on Friday morning after announcing its Covid testing kit had been approved by the Indian Council of Medical Research.
The Manchester, England-based molecular diagnostics firm said it will start commercial activities in India through distributor Divoc Health.
Genedrive's 96 SARS-CoV-2 Kit is designed to detect active infection in Covid patients and eliminates the need for cold temperature storage, making it ideal for high temperature countries such as India. Due to escalating infections in the country, this week India began allowing the import of certain Covid test kits with foreign registrations, without the need for ICMR approval.
Genedrive Chief Executive David Budd : "We are very happy to achieve formal registration of our Covid PCR tests in India.
"Although the process took longer than anticipated, the performance data is excellent and will support the commercial process and customer engagement. Formal product approval is an excellent testament to our technology."
Shares in the company were up 25% at 90.75 pence each in London on Friday morning.
By Will Paige; willpaige@alliancenews.com
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